Feature Articles

Catching Up with Fiduciaries

by Michael Northrop & David Sassoon, originally printed in the November 2005 Issue of Fund Management, Environmental Finance Supplement

The fiduciaries who control the world’s financial assets – on our
behalf – have long argued that their sole concern is to maximise
financial returns. It is also their duty to act to minimise climate change.  This article contends that acting in the best interest of investors requires a longer-term outlook and new methods of investment decision-making.

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Basic Bank Acccounts: The case for a universal service obligation

by the New Economics Foundation  (PDF Download)

"The cost of not having a bank account is significant. In a world where we are increasingly encouraged to make direct, electronic payments wherever possible – cash-only transactions are challenging and costly, eroding the earnings of those already on very low incomes."  This article by the New Economics Foundation provides some interesting thoughts about the necessity to provide financial services to the economically disadvantaged.  This is a must read for anyone interested in Mircofinance or business serving the "Bottom of the Pyramid."

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Feature articles focus on current trends and investment opportunities in the field of SRI, TBLI and Corporate Governance, offering a source of new information and insights.

Do you have an idea for an article, or would like to submit an article for publication? Please send a letter to the editor.

Columns

Another Year Gone By

by Robert Rubinstein


Another year has gone by and more continued progress has been made by sustainable investment. Having just completed an intensive road trip in Paris, it is becoming more evident that TBLI has moved into opportunity mode. Nearly everywhere you look you see the tremendous growth of TBLI in a portfolio approach: public equity, private equity, microfinance, carbon finance, bonds, etc.  Furthermore, I recently read that CleanTech private equity has reached over 8% of the US VC market, excluding all the corporate commitments (GE 2.5 billion dollars, Walmart .5 billion, BP 8 billion, etc.)  As the crooked cop in the film Serpico once said, "we're talking serious money.”

These new developments bring us to a wonderful space for the holiday season especially in the light of all the destructive, negative, and divisive news we keep hearing. The heavy stone that we have all been pushing up this steep hill is nearly reaching the top. A little more effort and it will start rolling down the other side. Let us all give it that final big push.

I want to wish you all the most restful, enlightening, peaceful, joyful, and loving holidays. Use the time to be with people close and important to you. Come back rested, full of energy and ideas. We at Brooklyn Bridge wish you all the best for the New Year and are excited about 2006 and the prospects of organizing a TBLI in Europe and in Asia.

Stay well.

Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, 'I will try again tomorrow.'

- Mary Anne Radmacher

Angel of the Month


Geneviève Feronne is our choice for angel of the month. I have known Geneviève for over 8 years and have always admired her long-term commitment to SRI. She is the Chair of CORE RATINGS SAS, and was the Founder and Chair of ARESE SA, a company specializing in the social and environmental rating of corporations listed on the stock exchange. Geneviève helped in the development of the SRI market in France. She is always willing to help and be supportive to others. She has a friendly smile and warm personality, with a clear focus on the job at hand. She is a one of those who pushed that heavy rock up the hill at a time when there weren't many helping.

What amazes me the most about her, is that she did all this while being a single parent of a boy and a girl, Gilles 13 and Alix 7, respectively. That alone is an amazing accomplishment.

Geneviève, mes felicitations. Congratulations!


News

SOCIALLY RESPONSIBLE INVESTMENT

ABP joins Enhanced Analytics Initiative

Goldman Sachs First Investment Bank to Adopt Environmental Policy

A Close Look at Investing in Renewable Energy

Socially responsible investment – the future of investment?

SCREENING & REPORTING

UK Kills Operating and Financial Review of Environmental and Social Information

IFC Sustainability Standards: Watershed or Watered Down?

Report Examines Companies' Success in Applying GRI Economic Performance Indicators


CORPORATE SOCIAL RESPONSIBILITY

Report: Goldman Sachs goes green

Finance Sector Profiting from Poverty, Environmental Damage and Human Rights Abuses, say UK Charities

Total pays 5.2 mln eur to settle claims of forced labour use in Myanmar

Institutional Investors to Insurance Industry: Act Now on Climate Change


CORPORATE GOVERNANCE

Study Finds Pension Funds are Fickle

European Schemes Wary of Structured Products

The role of regulation in strategy (reg. req'd)

Study rejects retirement asset meltdown theory

Big investors may insist on good governance reviews


CLIMATE CHANGE

California Readies Largest U.S. Solar Energy Plan

Senator Predicts Congressional Shift on Climate Change

Hybrids Arrive to Mexico

L’avenir du Protocole de Kyoto se précise (French lang.)

UN climate change conference: a first opportunity to advance global efforts against climate change

Fat to fuel


MISCELLANEOUS

David and Goliath (Audio in RealMedia format)

Three stories of people attempting extraordinary things to balance the scales between David and Goliaths of all kinds. Children, nations, and retail shoppers alike.

We select a variety of current news items hosted at third-party websites that cover a broad range of issues from different perspectives around sustainable finance and asset management, corporate social responsibility, climate change, and corporate governance. Some sites require registration and links may go stale over time.  Please let us know if there is a story we should include in next month's newsletter.

Do you have a comment or reaction on any of the material presented in the Newsletter? Send a letter to the editor.

Publications

Human Rights: It is your Business

As many as eight out of ten people think that companies should be at least partially responsible for reducing human rights abuses. This is but one example of a rising tide of expectations faced by business from a range of stakeholders on the issue of business and human rights. This paper summarises these expectations and, in the context of greater public and media scrutiny of the impact of business on society, describes evolving good practice on how the corporate response can be managed effectively and efficiently.

The Ecological Engineer – Volume One KEEN Engineering

by David R. Macaulay & Jason F. McLennan
$42.95, ISBN: 0—9749033-4-5
KEEN Engineering is the first volume of the new book series, The Ecological Engineer; books that commemorate the most innovative engineers in North America. Ecotone plans to release additional volumes in the near future. 'This accessible resource will appeal to the practicing engineers, architects and designers, as well as students looking for a source of solid and effective ecological principles'

The Market for Virtue: The Potenital and Limits of Corporate Social Responsibility

by Dr. David Vogel
222 Pages, USD $28.95, ISBN 0-8157-9076-7
David Vogel strives to provide a balanced perspective on Corporate Social Responsibility in his latest book.  In most ways, he is successful.  Not only is CSR usually misunderstood and poorly implemented, but it is improperly vilified by one side and improperly deified by the other.  With illustrative cases and systematic analysis, Vogel provides a useful and insightful account of the current potential and drawbacks of CSR.

Greenhouse Gas Protocol: The GHG Protocol for Project Accounting
published in partnership with the World Business Council for Sustainable Development (PDF Download)
Provides specific principles, concepts, and methods for quantifying and reporting GHG reductions from climate change mitigation projects.

ICCR Launches EthVest Database

Powerful Online Resource for Investors, FInancial Analysts & Corporate Management.  The new ICCR subscription EthVest Database contains more than 12 years of ICCR shareholder activism, much of the content in the form of 2,000-plus shareholder resolutions (complete text), as well as details of shareholder-sponsored resolutions searchable by targeted company name, stock ticker, calendar year, proxy resolution filer, (sponsor), keyword and issues.

Chasing The Sun: Solar Adventures Around the World

by Neville Williams
320 pages, Pb ISBN 0-86571-537-8, US$18.95 / Can$22.95 
'Chasing the Sun is a story of dreamers and doers who succeeded in their mission to make the world better by delivering nature's energy to poor people and by building organizations to put the sun at their service in practical, affordable and effective ways. A green-energy development narrative that is fun and eye-opening, the book is also part autobiography.'

L'Investissement Socialement Responsable

by César de Brito, Jean-Philippe Desmartin, Valéry Lucas-Leclin, François Perrin
€30.00, 311 pages, French Language
(English translation pending)
Mandatory reading for those working with or interested in the French SRI market.