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44 The Responsible Investor’s Guide to CommoditiesPARTICIPANT LISTParticipant Name Organization PositionGertjan van der Geer Pictet & Cie Senior Investment ManagerNadine Viel Lamare AP1 Senior ESG AnalystPhilip Walker SIFEM Investment AnalystChristof Walter Unilever Sustainable Agriculture ManagerJohn K Wilson TIAA-CREF Director of Corporate GovernanceHelene Winch BT Pension Scheme Management Ltd. Director, Head of PolicyLara Yacob Robeco Senior Engagement SpecialistBeat Zaugg ECOFIN Investment Consulting AG Senior ConsultantPeter Zollinger Globalance Bank AG Head of Impact ResearchBIBLIOGRAPHY OF “FOOD FOR THOUGHT” READINGS SENT TO PARTICIPANTSJuntunen, P., “Future Farmers”, Investments & Pensions Europe, July 2010.onValues, “Agriculture Overview”, June 2011.onValues, “As food prices rise, investors should consider systemic impacts of their commoditiesstrategies”, Responsible Investor, January 2011.Röhrbein, N., “Grub first, then ethics”, Investments & Pensions Europe, May 2011.Stewart, M., “Whipping up the amber waves”, Investments & Pensions Europe, May 2011
45APPENDIX 4.THE PRINCIPLES FOR RESPONSIBLE INVESTMENT IN FARMLANDSEPTEMBER 2011Preambleln recent years, investment infarmland A has emerged as a new assetclass for institutional investors.These “Principles for ResponsibleInvestment in Farmland” (“TheFarmland Principles”) are designedto guide institutional investors Bwho wish to invest in farmland in aresponsible C manner.As institutional investors, wehave a fiduciary duty to act in thebest long-term financial interests ofour beneficiaries and clients. In thisfiduciary role, we believe that environmental,social, and corporate governance(ESG) factors can representsources of financial risk and opportunityfor our investment portfolios. Atthe same time we acknowledge thatfarmland investments have implicationsfor the people and the naturalenvironment in the places where weinvest. We are therefore committedto incorporating ESG factors intoour investment policy and processeswhere appropriate.The Farmland Principles willserve as a common frameworkfor the specific farmland investmentpolicies and practices of eachinstitutional investor in support ofimplementation of the Principles.Our commitmentWe are committed to implementingthe Farmland Principles in allour farmland investments. We willdo this by applying the FarmlandPrinciples to pre-investment duediligenceand to the selection ofinvestment managers and operatorsacting on our behalf D , and throughongoing oversight and governanceof our investments.As long-term investors we believethat the interests of our beneficiariesand clients will be best servedby farmland operations that respectthe environment, adhere to responsiblelabour practices and maintainpositive stakeholder relations.Where feasible we will invest intechnology and infrastructure toimprove productivity and enhanceenvironmental performance. Theseinvestments may contribute to localdevelopment and relieve pressurefor farmland expansion.We support the developmentof best-practice ESG standards andguidelines E for agricultural commodityproduction and will askinvestment managers and operatorsacting on our behalf to apply themwhere applicable and to contributeto their further development. Whilesuch standards already exist forother sectors, best-practice standardsfor farmland management areat an early stage. We are committedto contributing actively to theirfurther development.We will review the FarmlandPrinciples from time to time basedon implementation experience, andin order to reflect ongoing learningand emerging best practice.
Page 1 and 2: THE RESPONSIBLEINVESTOR’SGUIDE TO
Page 3 and 4: ForewordGlobal competition over sca
Page 5 and 6: 5Appendix 1. Overview of key enviro
Page 7 and 8: 7HEADLINES OF MAIN RECOMMENDED BEST
Page 9 and 10: 9FINANCIAL INVESTMENTS IN COMMODITI
Page 11 and 12: 11Possibility tomitigate ESGrisks b
Page 13 and 14: 13Based on our discussions and inte
Page 15 and 16: 155INVESTMENTSIN PHYSICALCOMMODITIE
Page 17 and 18: 176INVESTMENTSIN REAL ASSETS6.1 The
Page 19 and 20: 197DEBTOR EQUITYINVESTMENTSIN COMPA
Page 21 and 22: 218SPECIAL FOCUS:INVESTMENTSIN AGRI
Page 23 and 24: 23“One of the main things in food
Page 25 and 26: 25“There is no inherent ethical d
Page 27 and 28: 27APPENDIX 1.OVERVIEW OF KEY ENVIRO
Page 29 and 30: 29appears to have been to throw the
Page 31 and 32: 31GOALS OF THE CONFERENCE:• To hi
Page 33 and 34: 33SET THE DIRECTION• Establish an
Page 35 and 36: 35• The opening plenary previewed
Page 37 and 38: 37encing prices levels and volatili
Page 39 and 40: 39PRICE IMPACT: DEFINITION OF RESPO
Page 41 and 42: 41“You really do have to wonder w
Page 43: 43PARTICIPANT LISTParticipant Name
Page 47 and 48: 47Annexes to the Principles for Res
Page 49 and 50: 49APPENDIX 5.PROJECT TIMELINE2010Ba
Page 52: Published by the UN Global Compact

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