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Context and general remarks

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Context and general remarks

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  1. SRI in EU Member States: Government initiatives, expectations by the financial sector and conclusions Presentation given at the meeting of the EU High-Level Group for CSRBrussels, 31 March 2008Dr. Reinhard SteurerSharon Margula MARIMAS - Research Institute for Managing SustainabilityVienna University of Economics and Business Administrationwww.sustainability.euwww.sustainability.eu/csr-policies

  2. Context and general remarks • The project:„Analysis of national policies on CSR, in support of a structured exchange of information on national CSR policies and initiatives“ is commissioned by DG Employment (Tender No VT/2005/063) • The subjects:of the three analyses were identified in the CSR HLG meeting on 30 May 2006 • Parts of the study (re-arranged): • Introduction to SRI (including SRI ratings) • Survey of SRI initiatives • Instead of case studies: Description of SRI initiatives found Survey of SRI experts from the financial services sector • Synthesis

  3. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  4. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  5. SRI in Europe: Setting the Scene • SRI is a concept that combines investors’ financial objectives with their concerns about social, environmental and ethical (SEE) issues (Eurosif, 2006) • SRI is the application of CSR and SD principles in investment decisions --- it embeds CSR in the functioning of shareholder capitalism • The SRI market: • Market share of SRI: 10-15% of total investments in European funds under management; • Investments in European sustainability or SRI funds: up 30% between 2005 and 2006 • SRI or sustainability stock indices (DJSI, FTSE4Good)

  6. Methodological remarks • Literature review:Instruments of CSR Policy and typology of instruments • Studies on SRI initiatives • SRI ratings

  7. Methodological remarks • Literature review:Instruments of CSR Policy and typology of instruments • Studies on SRI initiatives • SRI ratings • Survey of public administrators (via HLG for CSR) • 12 Nov 07 - 18 Jan 08 • 90 contacts • 24 EU MS reached • 16 EU MS provided information on SRI initiatives

  8. Institutional affiliation of interview partners Ministry of Labour and Social Affairs: 7 (44%) Other governm. institutions: 4 (25%) Ministry of Finance: 2 (12%) Ministry of Economic Affairs: 3 (19%)

  9. Methodological remarks • Literature review:Instruments of CSR Policy and typology of instruments • Studies on SRI initiatives • SRI ratings • Survey of public administrators (via HLG for CSR) • 12 Nov 07 - 18 Jan 08 • 90 contacts • 24 MS reached • 16 MS provided information on government initiatives • Countries covered: • 7 MS provided relevant information on SRI initiatives • Several countries and initiatives excluded because no specific SRI focus (SD strategies, CSR strategies in general, initiatives on reporting)

  10. Countries covered in the survey Green: explicit SRI initiatives Orange: no specific SRI initiatives

  11. Methodological remarks • Literature review:Instruments of CSR Policy and typology of instruments • Studies on SRI initiatives • Survey of public administrators • 12 Nov 07 - 18 Jan 08 • 90 contacts • 24 MS reached • 16 MS provided information on government initiatives • Countries covered: • 7 MS provided relevant information on SRI initiatives • Several countries and initiatives excluded because no specific SRI focus (SD strategies, CSR strategies in general, initiatives on reporting) • Accuracy and completeness of the results: • Non-governmental initiatives on SRI not covered

  12. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overviewand examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  13. CSR policy instruments • Informational or endorsing instruments:Campaigns, guidelines, trainings • Partnering instruments:Agreements, networks, PPPs, dialogues • Financial or economic instruments: Subsidies, grants, prices/awards • Legal (mandating) instruments:Laws, regulations, decrees • „Hybrid instruments“ • Strategies, action plans, platforms, centres Source: Fox T, Ward H, Howard B. 2002; World Bank; http://www.iied.org/pubs/pdf/full/16014IIED.pdf CSR policies study on awareness raising, see www.sustinability.eu/ csr-policies

  14. Overview of SRI initiatives Government-sponsored guidelines (1) Governments applying SRI to public funds (1) Hybrid instruments Informational instruments Information resources, e.g. websites, studies, reports, etc. (2) All SRI initiatives are economic incentives for CSR Legal instruments Financial or economic instruments Tax incentives (3) Laws (6) Economic incentives, e.g. loans, grants, subsidies, etc. (1)

  15. Focus of SRI initiatives Social only: (3,9 %) Ethical (23 %) Environmental only: (7,7 %) Social and environmental: (38,5 %) Sustainable Development (26,9 %)

  16. Target groups of SRI initiatives Pension Funds; 42,9% Private Investors; 28,6% Broad Spectrum of Investors; 21,4% Companies incl. Banks; 21,4% Employees; 14,3%

  17. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overviewand examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  18. Discussion of Part I • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples Comments on SRI in general? Comments on SRI initiatives? Questions of clarification?

  19. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  20. Methodological remarks • Purpose: complement survey on SRI initiatives and learn what SRI experts expect from governments • Interviewed persons: 5 SRI experts from 5 different financial services companies from 5 different European countries • Time: 17 Jan 2008 – 29 Feb 2008 • Limitations: Only 5 experts interviewed; results give an impression (rather than a representative picture) of what governments should do regarding SRI

  21. Key messages (1 of 3) • Personal experiences with government initiatives on SRI: • Legal disclosure requirements for pension funds • Disclosure requirements for all companies (annual reporting) • Frontrunners in Europe: Norway (petroleum fund), UK, France, Belgium and the Netherlands • Additional types of initiatives not considered in the survey: • Disclosure/reporting requirements • SRI by governments, or “lead by example”

  22. Key messages (2 of 3) • Most relevant SRI initiatives (i.e. effective but difficult to adopt) • Legal disclosure/reporting requirements (5 mentions) • (Economic/fiscal instruments are seen critical) • Most practical SRI initiatives (i.e. effective and politically feasible) • Informational instruments, like guidelines for SRI, and communicating own SRI practices to the public • Disclosure requirements for pension funds • Key target groups for governmental SRI initiatives • Pension funds • International bodies like the UN and the OECD

  23. Key messages (3 of 3) • Key drivers behind SRI • Mainstream investment community • Environmental and social pressures • Not among them: governments (named only once) • Key challenges and obstacles for SRI • Conflicting time perspectives (exception: pension funds) • The “business case” for SRI is still contested • How governments can help in this respect • Inform key actors and stimulate debate on SRI (with conferences, seminars, etc.) • Adopt legal CSR disclosure and reporting requirements • Lead by example

  24. Illustrating the importance of disclosure requirements… • Key messages (1 of 3) • Personal experiences with government initiatives on SRI: • Legal disclosure requirements for pension funds • Disclosure requirements for all companies (annual reporting) • Frontrunners in Europe: Norway (petroleum fund), UK, France, Belgium and the Netherlands • Additional types of initiatives not considered in the survey: • Disclosure/reporting requirements • SRI by governments, or “lead by example” • Key messages (2 of 3) • Most relevant SRI initiatives (i.e. effective but difficult to adopt) • Legal disclosure/reporting requirements (5 mentions) • (Economic/fiscal instruments are seen critical) • Most practical SRI initiatives (i.e. effective and politically feasible) • Informational instruments, like guidelines for SRI, and communicating own SRI practices to the public • Disclosure requirements for pension funds • Key target groups for governmental SRI initiatives • Pension funds • International bodies like the UN and the OECD • Key messages (3 of 3) • Key drivers behind SRI • Mainstream investment community • Environmental and social pressures • Not among them: governments (named only once) • Key challenges and obstacles for SRI • Conflicting time perspectives (exception: pension funds) • The “business case” for SRI is still contested • How governments can help in this respect • Inform key actors and stimulate debate on SRI (with conferences, seminars, etc.) • Adopt legal CSR disclosure and reporting requirements • Lead by example

  25. Illustrating the importance of disclosure requirements… • Key messages (1 of 3) • Personal experiences with government initiatives on SRI: • Legal disclosure requirements for pension funds • Disclosure requirements for all companies (annual reporting) • Frontrunners in Europe: Norway (petroleum fund), UK, France, Belgium and the Netherlands • Additional types of initiatives not considered in the survey: • Disclosure/reporting requirements • SRI by governments, or “lead by example” • Key messages (2 of 3) • Most relevant SRI initiatives (i.e. effective but difficult to adopt) • Legal disclosure/reporting requirements (5 mentions) • (Economic/fiscal instruments are seen critical) • Most practical SRI initiatives (i.e. effective and politically feasible) • Informational instruments, like guidelines for SRI, and communicating own SRI practices to the public • Disclosure requirements for pension funds • Key target groups for governmental SRI initiatives • Pension funds • International bodies like the UN and the OECD • Key messages (3 of 3) • Key drivers behind SRI • Mainstream investment community • Environmental and social pressures • Not among them: governments (named only once) • Key challenges and obstacles for SRI • Conflicting time perspectives (exception: pension funds) • The “business case” for SRI is still contested • How governments can help in this respect • Inform key actors and stimulate debate on SRI (with conferences, seminars, etc.) • Adopt legal CSR disclosure and reporting requirements • Lead by example

  26. Discussion • Part II: Expectations of the financial services sector • Methodological remarks • Key messages Questions of clarification? Comments on key messages?

  27. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  28. Four (plus one) conclusions • Government initiatives on SRI: scarce in numbers but significant in qualitative terms • North-South and West-East divide: Governments that lead in other CSR policy areas are likely to lead also in the SRI context • “Walk the talk” or “lead by example”: not only on SPP but also regarding governmental investment decisions • Regulations on CSR reporting and disclosure: key instruments to foster SRI (but: separated in research, in the compendium, and the selection of the policy analyses – see next slide)

  29. Why reporting requirements are so important for SRI • Professional SRI decisions are not based on subjective choices, but on objective criteria and assessments • SRI ratings or screenings conducted “in-house” or by agencies employ • SRI rating strategies that make use of • Rating criteria

  30. Why reporting requirements are so important • Professional SRI decisions are not based on subjective choices, but on objective criteria and assessments • SRI ratings or screenings conducted “in-house” or by agencies employ • SRI rating strategies with particular • Rating criteria • Disclosure of sufficient and valid information on CSR is the basis for SRI ratings in particular, and SRI in general • No legal requirements for CSR/SD reporting, no consistent and reliable basis for SRI decisions

  31. The fifth conclusion … • Government initiatives on SRI: scarce in numbers but significant in qualitative terms • North-South and West-East divide: Governments that lead in other CSR policy areas are likely to lead also in the SRI context • “Walk the talk” or “lead by example”: not only on SPP but also regarding governmental investment decisions • Regulations on CSR reporting and disclosure: key instruments to foster SRI (but: separated in research, in the compendium, and the selection of the policy analyses – see next slide) • Governments in the EU are followersrather than driving forces behind the SRI agenda • Perception of SRI experts, • Few governmental SRI initiatives, • Hesitant regarding CSR reporting requirements.

  32. Discussion Part III: Conclusions 6. Focussing on rating methods and the importance of transparency Comments on conclusions? Questions of clarification? Comments on SRI ratings?

  33. Orientation • Part I: SRI Initiatives in Europe • 1. Setting the scene • Methodological remarks on the survey • What instruments did we find in the survey? Overview and examples • Part II: Expectations of the financial services sector • Methodological remarks • Key messages • Part III: Conclusions • 6. Focussing on rating methods and the importance of transparency • Part IV: Wrap-up • 7. Project review and outlook

  34. Some figures on the CSR policies study conducted

  35. Overview of SRI initiatives Informational instruments used most in context of CSR Indirectly, all SPP initiatives are about economic incentives for CSR Legal, not mandating instruments Few partnering instruments despite voluntary character of CSR policies Strategies, platforms, centres

  36. Some figures on the CSR policies study conducted

  37. Institutional affiliations in different CSR policy fields CSR policies mainly located in social policy domain (except for SPP) CSR policies mainly located in social policy domain Economic ministries more important than environmental ones

  38. Thanks for your support! reinhard.steurer@wu-wien.ac.at RIMAS - Research Institute for Managing Sustainability Vienna University of Economics and Business Administration www.sustainability.eu www.sustainability.eu/csr-policies

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