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ESG Materiality in the European Equity Market
Università Cattolica del Sacro Cuore Facoltà di Scienze Bancarie, Finanziarie e Assicurative Master of Science in Banking and Finance ESG materiality in the European equity market Student Supervisor Pietro Marchesano Prof. Ettore Croci Università Cattolica del Sacro Cuore Facoltà di Scienze Bancarie, Finanziarie e Assicurative Master of Science in Banking and Finance ESG materiality in the European equity market Student Supervisor Pietro Marchesano Prof. Ettore Croci “Profit for a company is like oxygen for a person. If you do not have enough of it, you are out of the game. But if you think your life is about breathing, you are really missing something”. Peter Drucker Contents Acknowledgements .................................................................................................................................... 5 1. Introduction .......................................................................................................................................... 6 2. Literature Review and motivation ............................................................................................ 12 2.1 A framework to understand responsible finance and ESG analysis ................... 12 2.2 The increasing relevance of ESG screens and sustainable investing .................. 21 2.3 On the convenience of ESG integration .......................................................................... 26 2.4 First evidence on ESG materiality .................................................................................... 34 2.5 Hypotheses -
Business News No
Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, October 2020 / No. 400 Last quarter of a very special year: What is ahead? The latest events (more pictures on pages 4/5) Dear members and friends 2020 started with a boom and had a strongly positive outlook. 20/20 vision is the perfect vision, after all! But as we all know, the year turned out differently. The Swiss-American business relationship had a roaring start. After Q4, 2019, the first quarter of 2020 again saw the US market #1 for Swiss exports, ahead of the German market! Exports to the US grew CHF 974 mio, four times the growth to the EU, while exports to the BRIC countries posted a negative growth of CHF 470 mio. Again, the exports to the USA proved to be the locomotive of the Swiss export industry. As we all know, Q2 Lugano, Annual Dinner, September 17: Franco Polloni Zurich, September 29: J. Erik Fyrwald, saw exports to the US crashing down 22% (EFG Bank / former Ticino Chapter Board Chairman), CEO, Syngenta Group and Board due to the Covid crisis in general and logistics Silvio Napoli (Schindler Holding / Swiss Amcham Member Swiss Amcham [MS] problems as a specific issue. But in the last Chairman), Demis Stucki (EFG Bank / Ticino Chapter months, progress came much faster than Board Chairman) expected and in August, the US market was again the top export market for Switzerland. The Swiss-US Business relationship has everything to flourish in the future. -
ADECCO GROUP AG (Incorporated with Limited Liability in Switzerland) ADECCO INTERNATIONAL FINANCIAL SERVICES B.V
ADECCO GROUP AG (incorporated with limited liability in Switzerland) ADECCO INTERNATIONAL FINANCIAL SERVICES B.V. (incorporated with limited liability in The Netherlands) ADECCO FINANCIAL SERVICES (NORTH AMERICA), LLC (incorporated under the laws of the State of Delaware in the United States of America) EUR 3,500,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed by ADECCO GROUP AG (incorporated with limited liability in Switzerland) Under this EUR 3,500,000,000 Euro Medium Term Note Programme (the Programme), Adecco Group AG (in its capacity as Issuer, Adecco, and in its capacity as guarantor of Notes issued by AIFS or AFS (each as defined below), the Guarantor), Adecco International Financial Services B.V. (AIFS) and Adecco Financial Services (North America), LLC (AFS and, together with Adecco and AIFS, the Issuers, and each an Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). References in this Base Prospectus to the relevant Issuer shall, in relation to any issue or proposed issue of Notes, be references to whichever of Adecco, AIFS or AFS is specified as the Issuer of such Notes in the applicable final terms document (the Final Terms). The payments of all amounts due in respect of the Notes will be unconditionally and irrevocably guaranteed by the Guarantor (except where Adecco is the Issuer). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed EUR 3,500,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. -
Around 65% of All Promotions Given in Switzerland Go To
Press release, 28 August 2019 Study available Advance & HSG Gender Intelligence Report 2019 online advance-hsg- Around 65% of all promotions report.ch given in Switzerland go to men Companies with a high degree of gender diversity at every level of seniority are more success- ful. However, companies face challenges when integrating this approach into their strategy and implementing it in practice. Only a few have achieved substantial progress to date. These are the findings of the Advance & HSG Gender Intelligence Report 2019, published today, for which raw data relating to 263,000 employees have been analyzed. Although companies are hiring increas- ing numbers of women, this growing potential is not being used when it comes to promotions. Companies based in Switzerland are hiring increasing numbers of women, at every level. In turn, this builds up a pipeline of highly qualified, highly talented female employees. Women and men also leave their jobs at the same rate, showing that companies’ cultures are becoming more appealing to women looking to develop their careers. However, this growing potential is not being used systematically enough across every level in the corporate hierarchy. While there are equal numbers of men and women in non-managerial positions, the proportion of women in middle-management slumps to 23%, sinking even further to 18% for the top management levels. Women are particularly losing out in terms of internal promotions with around 65% of all promotions going to men. The study believes that the key to achieving greater gender diversity up to the very top of the corporate ladder lies in transparent promotion processes: Unconscious bias should have as little influence as possible. -
'The Labour Market Integration of Refugees' White Paper – a Focus On
‘The labour market integration of refugees’ white paper – A focus on Europe June 20, 2017 The Adecco Group white paper on the ‘The labour market integration of refugees’ was commissioned to the Reallabor Asyl, Heidelberg University of Education UNHCR/Achilleas Zavallis “The labour market integration of refugees” white paper – A focus on Europe June 20, 2017 The Adecco Group White Paper in collaboration with the Reallabor Asyl, Heidelberg University of Education Acknowledgment: On behalf of The Adecco Group, we thank Dr. Monika Gonser and her research team from the Reallabor Asyl, Heidelberg University of Education for providing their expertise, insights and professional cooperation. We extend our appreciation to the UNHCR, the OECD and the EU for their guidance and insights. Additionally, the concrete actions and recommendations provided, would have not been possible without the 18 companies and organisations which took the time to share their experience, concrete programmes and actions with us on how they drive the labour market integration process of refugees as well as the challenges they have experienced. Further, we appreciate the know-how and insights contributed from the International Organisation of Employers, Business Europe, and the Centre for European Policy Studies. UNHCR/Achilleas Zavallis UNHCR/Achilleas 3 The Adecco Group – ‘The labour market integration of refugees – A focus on Europe’ white paper – 06/17 Table of Contents Executive summary 6 Purpose of the white paper 6 Mapping the refugee situation 6 The European and -
Investor Relations
Adecco S.A. shares are registered in Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). Adecco is a constituent of the Swiss Market Index (SMI), Switzerland’s most important stock market index, containing the 20 largest and most liquid Swiss stocks. Investor Relations Equity story The Adecco Group is the world’s leading provider increased our exposure to this higher-growth and higher-mar- of HR solutions, offering a wide variety of services including gin business and we took the lead in the counter-cyclical Ca- temporary staffing, permanent placement, Career Transition reer Transition (outplacement) and Talent Development (outplacement), Talent Development, outsourcing and other segment, where we achieve very attractive double-digit EBITA services. We have around 32,000 FTE employees and place margins. While our business offers operating leverage, we almost 700,000 people at work every day through a network limit financial leverage and will always aim to maintain our of around 5,400 branches in over 60 countries and territories. investment grade credit rating. The application of the ‘Economic Value Added’ (EVA) concept ensures that the interests of our Our core competences include providing flexible workforce solu- shareholders are met and that our daily decision-making tions and matching clients’ needs with candidates’ skills. In an processes are geared towards value creation. We have never environment of cyclical and seasonal changes in demand, we ceased to pay dividends to our shareholders over the past few help our clients to adapt their workforce needs accordingly. More years, even in economically very challenging times, and our customisation and made-to-order impact the production cycle dividend pay-out ratio has ranged between 25% and 30% of and reduce the predictability of our clients’ business develop- adjusted net earnings. -
Capital for Purpose / 49Th St.Gallen Symposium
49 th Capital for Purpose / 49 St. Gallen Symposium / 8 – 10 May 2019 th Capital for Purpose / 49 St. Gallen Symposium / 8 – 10 May 2019 WELCOME The International Students’ Committee is a student-driven initiative – established in 1969 – that seeks to take responsibility for our future and tackle today’s import- ant topics. In a time where many challenges remain unsolved, we feel it is our duty to be part of such a movement, for which thirty students put all their heart, energy, and time – voluntarily and for one year – to organise the St. Gallen Symposium. Engaging a highly diverse community incorporating a broad spectrum of opinions and knowledge on the topic “Capital for Purpose” lies at the core of our symposium in 2019 and is the main focus of our work. During the coming year, we will travel the world to meet with the most inspiring and engaged personalities – across generations, cultures, and disciplines – to involve them in our global dialogue. We strive for awareness of our initiative, which is more than a two-day-conference. It is a substantial contribution to an international, ongoing debate about topics that matter to people with the power and responsibility to change the status quo. We look forward to welcoming you in St. Gallen from 8–10 May 2019 to engage in our dialogue with three generations of leaders and for you to become a part of our initiative. Elisabeth Burkhardt, Lia Hollenstein and Severin Schmugge Head of the Organising Committee SYMPOSIUM The St. Gallen Symposium is the world’s leading initiative for intergenerational debates on economic, political, and social developments. -
Global Evaluation
GLOBAL EVALUATION LABOUR MOBILITY PATHWAYS PILOT 2016-2019 1 JUNE 2020 TALENTBEYONDBOUNDARIES.ORG Talent Beyond Boundaries Labour Mobility Pathways Pilot 2016-2019 Global Evaluation Report 1 June 2020 Cover: Anas and Marah and their baby boy, at their new home in Niagara Falls where Anas is working as a Tool and Die Maker. Photo: Drew Sommerville, The Westbound Creative. Contents Acknowledgements ............................................................................................................................. 3 Summary .............................................................................................................................................. 4 Findings and recommendations ...................................................................................................... 4 Background ....................................................................................................................................... 11 The pilot phase .............................................................................................................................. 11 Approach and methodology ............................................................................................................. 12 Evaluation team ............................................................................................................................. 12 Key evaluation questions ............................................................................................................... 13 Data collection .............................................................................................................................. -
Invitation to the Annual General Shareholders' Meeting Annual
Invitation to the Annual General Shareholders’ Meeting We are pleased to invite you to the Annual General Shareholders’ Meeting of Adecco Group AG to be held on Thursday, 19 April 2018, 11.00 a.m. at the Beaulieu, Centre de Congrès et d’Expositions Av. des Bergières 10, CH-1004 Lausanne. Doors open: 10.15 a.m. Meeting starts: 11.00 a.m. Dear Shareholders, In 2017, the Adecco Group had another solid year, with a good financial perform ance and significant progress made in our strategic agenda. Organic revenue growth increased to 6%. Cash flow generation also remained strong, and we ended 2017 with a robust balance sheet. All this was achieved while investing in new digital solutions and IT infrastructure, and we once again maintained our leading position in terms of profitability. The world of work and our industry is evolving rapidly, which creates challenges but also opportunities for significant growth. We intend to harness these changing industry dynamics and continue to consistently implement our strategies to further strengthen our competitive position. Demand for our services whether flexible and permanent employment solutions, training and reskilling, workforce transformation or outsourcing - will continue to grow. At the same time, digitalization, big data and analytics are creating opportunities to develop new business models and access to new customer segments and service areas. With our dedicated employees, our strong brands, comprehensive labour market knowledge, and over 100,000 multi sector clients, we are wellpositioned to strengthen and indeed gain market share in our existing businesses by means of innovative services. -
The Adecco Group 2018 Annual Report
The Adecco Group 2018 Annual Report Our mission is to make the future work for everyone, ensuring that people across the globe are inspired, motivated, trained and developed to embrace the future of work. To be in environments where they are empowered to thrive, stimulated to succeed and given every chance to make their individual futures better and brighter than ever before. o 360service offering Our brand ecosystem Recruitment on demand Executive Recruitment Workforce Solutions Professional Freelancer Professional Marketplace Recruitment Talent Recruitment Total Talent Solutions Platform Up/Reskilling Professional Solutions Talent Development & Career Transition Our 360° brand ecosystem is a key differentiator in today’s changing world of work. Through our unique ecosystem, we combine the individual strengths, knowhow and services of our leading network of brands in a one-stop shop, with the workforce and career needs of our clients and candidates at the centre. Our connected approach provides customers with the convenience, simplicity and efficiency of working with one trusted HR solutions partner throughout the work-life and economic cycles. From staffing to outsourcing to upskilling and workforce transformation, the Adecco Group is making the future work for everyone. Perform The first step in our strategic agenda is Perform. It means continuing to deliver growth in the cost-disciplined and returns-focused way that we always have. It is intended to create a culture of outperformance across the organisation. It is about how we deliver results, not just the outcome. That means embedding proven formulas such as segmentation, pricing and our ‘PERFORM’ methodology, which applies a lean manufacturing approach to our operations. -
Your Source for Networking, Training & Job Opportunities
YOUR SOURCE FOR NETWORKING, TRAINING & JOB OPPORTUNITIES 07.12.2021 TABLE OF CONTENTS Special Message for Marion County Homeowners and 2 Hamilton County Renters Career Fairs, Job Fairs, Hiring Events 2 Training and Workshop/Conference Opportunities 3 thru 5 Networking Events (One-Time & Recurring) 6 thru 8 Job Postings 9 thru 26 Resources 27 Still Looking? Try These Job Search Engine Websites 28 thru 29 A MESSAGE TO EMPLOYERS Jobs are posted on Mondays on Church at the Crossing’s website at Passport to Employment – scroll down to Current Job Board link. To ensure the viability of jobs posted, if you wish your job to be listed and remain on the Current Job Board, you must resubmit your request each week no later than Friday. Thank you. NEED HELP REFINING YOUR SEARCH ON OUR JOB BOARD? When you go to Church at the Crossing’s website at Passport to Employment, scroll down to and click on the Current Job Board link to open the PDF or save the PDF to your computer with a PDF-reader program like Adobe Acrobat. Once you open the job board, press Ctrl F or use the Edit menu and click on Find within that menu. With either option, a ‘Find’ box will appear in the upper right-hand corner of the document. Type in the word you are searching for and all instances where that word appears will be found. Page 1 of 29 SPECIAL MESSAGE FOR MARION COUNTY HOMEOWNERS The Indy Affordable Modification Program (IndyAMP) allows Marion County homeowners who have been negatively affected by COVID-19 to refinance mortgage debt at a below-market interest rate for up to 30- years. -
Making the Future Work for Everyone Making the Future Work for Everyone
The Adecco Group 2017 Annual Report Making the future work for everyone Making the future work for everyone 2017 Annual Report THE ADECCO GROUP AT A GLANCE One company, many strengths Workforce Solutions Our global footprint Contribution to Group revenues We provide candidates with generalist skills Office North to small, medium and large clients, mainly We provide clerical and support personnel America: through temporary staffing, permanent in all areas of office-based employment. placement and outsourcing services. 19% Workforce Solutions operates across all Industrial sectors, under the global Adecco brand. We provide candidates for blue-collar Our ‘recruitment on demand’ online staffing job profiles across many industrial and platform operates under the relaunched service sectors. Adia brand, mainly focusing on hospitality and events. Workforce Solutions comprises Contribution to Group revenues: two business lines: 76% Office: 24% Industrial: 52% Our lead brands and global footprint Professional Staffing & Solutions We support our clients in finding and Finance & Legal attracting talent with professional and We support organisations by finding qualified highly sought-after skills. Our global lead professionals in the accounting, finance and brands in Professional Staffing & Solutions legal disciplines. are: Badenoch & Clark, Modis, Spring Professional and YOSS. Medical & Science We recruit and place medical professionals Information Technology (IT) on a permanent or temporary basis in We support organisations across medical and science-related industries. all industries in their IT workforce requirements. Contribution to Group revenues: More than Engineering & Technical We provide candidates with skilled 21% Information Techonology: 10% professional profiles across all engineering Engineering & Technical:34,000 5% and technical disciplines to clients in a wide Finance & full-timeLegal: equivalent employees 4% range of industries.