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As a still-emerging field, RI products often have a short track record, which has led some consultants to eliminate them from consideration. Furthermore, the traditional asset allocation model views the ESG issues that form the heart of RI investment to be tangential to purely financial considerations, and the research tools needed to assess ESG factors are yet to be fully developed. Finally, according to the paper, a new allocation framework that takes ESG considerations into account in the construction of entire portfolios may be necessary. The paper listed several ideas that attendees though were worthy of further consideration. The ideas include the formation of a sustained network of consultant practitioners, working groups on benchmarking, ratings, and social impact, and publicizing aspects of the discipline of RI consulting. Attendees also found that an opensource catalog of RI managers and products across asset classes could be helpful. Lydenberg described the meeting as "An exploratory conversation to open dialogue among people who do not normally have the chance to talk with each other." "We hope this was the start of a series of conversations among consultants," he said. In fact, the paper noted that "Research into the experiences of asset owners, managers and consultants, with a community beyond just those who attended this first meeting, might expand on these initial impressions of the field, and clarify the opportunities for, and barriers to, the evolution of responsible investment consulting." "This initial conversation should help spur new research, network-building and collaboration among consultants and other stakeholders, and help shape this emerging field," the paper concluded. © 2010 SRI World Group, Inc. All Rights Reserved. 70
South African fund managers warned on ESG fiduciary duty ahead of UN-sponsored conference Leading lawyer says principles-based law could see court cases linked to King Report on corporate governance. by Hugh Wheelan | October 13th, 2009 South African fund managers need to “up their game” on environmental, social and governance (ESG) issues or risk court cases based on the country’s King Reports on corporate governance, which set a high standard on social responsibility in corporate behaviour, according to Paul Watchman, author of the internationally renowned Freshfields report on fiduciary duty. Speaking to Responsible-Investor.com ahead of a United Nations Environment Programme Finance Initiative (UNEP FI) global round table in Cape Town on October 22, Watchman, chief executive of Quayle Watchman Consulting (QWC) and a former partner at law firm, Freshfields Bruckhaus Deringer, said South African fiduciary law was likely to take its lead from corporate law, bearing in mind South Africa’s principles-based legal system. Watchman said: “Given South Africa’s legal DNA and leadership on responsible investment generally, it is especially the case in South Africa that the fiduciary duties of pension fund trustees require them to be prudent and to take professional advice on their investments.” South Africa’s King Report on governance was first issued by former high court judge Mervyn King in 1994. In a 2002 update, the King II report placed a high onus on companies to broad consider social and stakeholder responsibility in their business and reporting following a number of corporate governance scandals in the country. Responsible investment issues have been high on the agenda of South African asset managers since the country’s largest institutional investor, the Government Employees Pension Fund, became one of the first PRI signatories when it was launched by Kofi Annan, the former Secretary General of the United Nations, at the New York Stock Exchange, in April 2006. However, the $18 trillion (€12.7 trillion) United Nations Principles for Responsible Investment (UNPRI) recently kicked out five signatories, including two South African fund managers, Oasis Group Holdings, and Trinity Holdings, the South African resources investor, after they failed to report progress on implementing its six environmental, social and governance investment principles. Link to UNEPFI conference: Financing change, Changing finance 71
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