Based on initial interest in the program, we expect this to be the largest TBLI Conference yet. Over 140 speakers will be sharing their knoweldge and experience across a large range of topics.  Space at this year's TBLI European Conference is filling up quickly, but there are still plenty of slots left if you register soon.  Our total capacity is limited to 750 participants. Capacity for the gala dinnner is 500 and seating will be made available according to the order of registration.  We are already at 65% of available capacity for registrations.  While registering at the last minute or on the day of the event has been possible during past conferences, we are not able to guarantee that last minute registration will be available this year. Please register soon to ensure your place at the leading global learning and networking event on sustainable investments.  Click here to register now.

TBLI Europe will take place at the Palais Brongniart (Paris stock exchange) and is celebrating its eighth year as Europe’s largest global sustainable investment event.  We would like to thank our current corporate sponsors: HSBC, 3iG, Sarasin, Dexia, Robeco, Caisse des Dépôts, SUEZ, Calvert, AGF Asset Management, AGF, Asset 4 and Oddo Securities.  Our special partners: Euronext, Paris Europlace, and AFG, have helped to make this possible.  Click here to see the latest conference program.

Conference Sponsorship

The outlook for sustainable investment is promising, but tenuous.  The growth of the past decade is poised to continue as long as investors, financial professionals, and corporate managers can maintain the momentum of recent trends.  However, there are multiple factors that will influence investor demand, corporate motivation, and political will.  The influence of significant events, such as corporate scandals, environmental catastrophes, technological breakthroughs, and political shifts, still has the ability to propel or slow sustainable investment growth.  In the end these factors all add to or detract from the consumer demand, both retail and institutional, for sustainable investments. Ultimately, this is what will determine the final outcome for the sustainable investment industry.

2006 European SRI Study

produced by Eurosif

The 2006 European SRI Study shows an SRI market that has considerably changed since 2003 - the European Broad SRI market is now valued at over €1 trillion. Across Europe, we see signs of robust SRI strategies, increased mandates from institutional players and the growing involvement of more traditional financial services. In this report you will find: an overview of the EU SRI Market, key features of SRI in each European country, market evolution since 2003, and market predictions for the future.
Click here to read the whole article.

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.

In preparation for TBLI Europe 2006 in Paris, Rieki and I have been talking about how things have progressed from the first event. We even found the first brochure that was made to announce TBLI. It is quite amazing how the event has grown, but the degree to which the market has grown is even more amazing. Originally, everyone only spoke about SRI in terms of public equity analysis for social, environmental and financial returns. Now many of the leading financial institutions are eager to learn about all the various aspects of extra-financial portfolio management, alternative asset classes, and they coming in large numbers to Paris.

A variety of factors has been driving this ‘herd,’ which sometimes seems like a stampede: demand for resource efficiency due to high resource costs, reputation pressure, performance of SRI funds, legal changes, third sector pressure, demand, research, returns of Cleantech funds, peak oil, climate change, loan defaults, and many others. It is not one particular thing. Collectively all these issues have had a major impact on the financial sector.

The real challenge now will be to step on the gas and transfer the view to all financial professionals that extra-financial investing is in the interest of investors. I firmly believe that this is happening and some investors are further ahead of the curve. These leaders, however, won't be able to maintain this leadership role for long because the ‘financial herd’ is moving extremely fast. It reminds me of a scene from the movie Husbands, by John Cassevetes. The two friends start walking slowly, each watching the other, and then they start to pick up speed, then it becomes a race down the canyons of Manhattan. We are starting to see the transition from a leisurely stroll to a slow walking race. Now I am getting my ringside seat to watch the sprint to the finish line.

Come to Paris and join the ‘herd’ to learn some things that will prepare you for the final stretch of the race.

I have known Maurits Groen for over 10 years. Like you would expect with a name like Groen (Dutch for ‘Green’), he is focused totally on the environment and making things better for his family and the planet. For him, there is no ‘grey’ area when it comes to the health of our planet.  No partial pregnancy. No jobs doing communications about hamburgers to pay the bills. He is always focused and always willing to help.  He does his work, and for the most part, always stays in the background.

When Al Gore was coming to the Netherlands and some "genius" wanted to bury the film in small "art" theaters. He moved forward to bring it to a huge movie theater for the opening. When nobody wanted to publish Al Gore's book, An Inconvenient Truth, Maurits translated the book himself and got it published.

A generous person, true environment champion, inspiration to all of us who have been rolling the sustainability stone up the hill, and all-round great guy. It is long overdue. Congratulations on being Angel of the month!

In the issue you'll find a variety of perspectives on the SRI industry including an exclusive interview with First Affirmative Financial Network CEO, George Gay.  Also you'll find articles by long-time SRI leader Tim Smith who writes about the recent proxy/shareholder resolution season; Tim Freundlich provides an update on fast-growing community investing; and, we look at some international SRI mutual funds as well as at the new SRI 401(K) product, Social(K). Anne Firth Murray, founder of the Global Fund for Women, writes about her new book, "Paradigm Found: Leading and Managing for Positive Change."

ABSTRACT: 'Foundations pay out only a tiny proportion of their asset value, typically around 5 per cent, in the form of grants. This begs the obvious question of what happens to the other 95 per cent. Could it be put to some use that would further the foundation’s mission? As yet, few foundations have developed clear policies on using their assets to achieve social as well as financial returns. Alliance talked to three firms of investment advisers that advise UK foundations on their investments and asked them why they think this is. The central message that emerges from their answers is that it’s not their role as advisers to encourage social investment; it’s up to the foundations themselves to start this particular ball rolling.'

ABSTRACT: 'Business leaders play vital roles in the nonprofit sector – as board members, donors, partners, and even executives. Yet all too often they underestimate the unique challenges of managing nonprofit organizations. In this article, 11 executives who have played leadership roles in both for-profits and nonprofits reveal the critical differences between the two, and suggest ways that business and nonprofit leaders can use this information to create a more effective social sector.'

This study provides an essential tool for investment analysts and policy-makers to evaluate the relative financial returns on the use of environmental capital between sectors and companies.  ADVANCE (Application and Dissemination of Value-Based Eco-Ratings in Financial Markets) is an international project supported by the LIFE Environment programme. (Full information available at http://www.advance-project.org) ADVANCE applies the Sustainable Value-concept on a large European scale for the first time. The Sustainable Value-concept allows to assess and to manage sustainable performance similar to economic performance. For this purpose it makes use of the tools and techniques used in the financial markets to assess and manage economic capital.'

ABSTRACT: 'It has been gernally assumed that Codes of Conduct are used primarily as a tool for CSR. This paper questions this assumption and suggests that codes are not primarily tools for CSR but tools of corporate governance more generally. The data gathered from corporate websites including articulated motivations for code use and code characteristics indicate that corporations use codes as a tool of corporate governance (which may include CSR). Our research cast doubts on the common assumption that codes of conduct in MNCs are primarily a tool of CSR and rather suggest that codes, once adopted, are used as mainly internal tools of corporate governance and employee compliance.'

 'As the Royal Commission into the Australian Wheat Board (AWB) continues, what are the remedies for AWB shareholders? Bernard Murphy shares from his direct involvement in the case and outlines what may lay ahead.  Bernard will futher expand on how investors in Australia are uniting to address corporate behaviour at the International SRI Conference in Sydney on 21&22 September 2006.' (PDF Download)

TBLI EUROPE

FRANCE

9-10 NOVEMBER 2006

Palais Brongniart, Paris

Photo by P. Gihring 2005

If you would like to post a job opening, email jobs@tbli.org. Please be sure to include an Internet link that can be posted so that interested applicants can obtain more information.

Click here to learn more about the services provided through the TBLI Academy.

This Prize aims at promoting ethical awareness among young people in banking and related industries. The Prize will award USD 20,000 for creative papers setting out projects or proposals for innovative ways to promote ethics in finance and banking. It honours the vision of the investment banker Robin Cosgrove who died at age 31 and who believed that a major barrier to economic development was the absence of integrity and ethical practice in banking and financial systems.

Do you have an upcoming event that you would like to post in the TBLI Newsletter? Send a letter to the editor. We have limited space, so we may not be able to post all the announcements that we receive.

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