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A Guide to ESG Indices for Asset Managers ESG in RFPs and the Asset Manager Selec9on Process New York City September 14, 2012 Thomas Kuh ExecuKve Director – MSCI ESG Indices [email protected]

msci.com ©2012. All rights reserved.

Overview

1.  IntroducKon to ESG Indices 2.  MSCI World ESG Index: ESG PorSolio AnalyKcs 3.  Case study: Pension Fund PorSolios Appendix 1. Performance AVribuKon Appendix 2. MSCI ESG Research Products & Indices

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1. IntroducKon to ESG Indices


MSCI: A Global Leader with a Local Presence

§ MSCI is a global brand and leading provider of research-‐based, mission-‐criKcal investment decision support tools.

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Why choose MSCI ESG Indices?

§  Control over the quality and content of the ESG research §  Alignment between the research and the indices

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Integrated Business Model

Quality ESG Research

Client Service Excellence

Experience

§  Dedicated ESG client service team §  24/5 client service

§  ESG research since 1972 and ESG indices since 1990 §  MSCI’s 40 years of index experience

§  A 40-‐year legacy based on IRRC, KLD & Innovest §  Staff of 140 based in 11 offices around the world

§  MSCI’s index experKse §  Market-‐tested ESG research

§  60+ asset owners with $2.3 trillion in assets ▪ 500+ clients with $15 trillion in assets §  MSCI is a signatory to the Principles for Responsible Investment (www.unpri.org)

*Certain products and services of MSCI ESG Research, including products and services uKlized in MSCI ESG Indices, are provided by InsKtuKonal Shareholder Services Inc. ("ISS") and/or KLD Research & AnalyKcs, Inc. (“KLD”), which are both indirect wholly-‐owned subsidiaries of MSCI.


ESG Investment

§  ESG investment is the incorporaKon of Environmental, Social and Governance factors into investment decisions

§  > $10 trillion AUM in ESG strategies globally §  Mainstream asset owners and asset managers are adopKng ESG strategies §  The UN Principles for Responsible Investment (PRI) is growing in scope and influence §  > 1,000 signatories, including 259 AOs and 659 AMs represenKng $30 trillion AUM (Aug 2012)

§  Consultants are tracking ESG pracKces of asset managers §  Mercer, Towers Watson, Cambridge Associates & others have ESG specialist teams §  Consultants document the ESG pracKces of mainstream managers across range of asset

classes §  ESG is now integrated throughout the investment value chain

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Asset Owners

• ESG mandates are arKculated in investment policy statements

Consultants

• ESG capabiliKes are evaluated in manager due diligence and manager searches

Asset Managers

• ESG strategies are designed to meet client demand and/or add value to the investment process


What Drives The RFP Process?

§  Asset Owners §  What are the Asset Owner’s ESG objecKves? §  How is the Asset Owner’s mandate specified?

§  Consultants §  Does the ESG policy affect the client’s asset allocaKon? §  Does the mandate affect the risk profile of the client’s investments?

§  How does the Consultant evaluate and select managers to implement the ESG policy?

§  Asset Managers §  Is the Asset Manager’s ESG capability developed primarily to meet client demand?

§  Is the Asset Manager’s ESG strategy moKvated by a convicKon about the financial impact of ESG factors?

§  What internal and external resources does the Asset Manager uKlize?

§  How are these resources incorporated into the Asset Manager’s investment process?

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How do ESG Indices Add Value?

§  The growth of ESG investment creates the necessity for new standards §  ESG indices are specialized analyKcal tools to reflect the prevalent ESG strategies

* In consultaKon

§  The market requires benchmarks to measure the impact of ESG strategies on porSolio construcKon §  QuanKfy the financial impact of ESG strategies

§  Define the ESG characterisKcs of porSolios

§  IdenKfy ESG risk exposure

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Index Type Strategy Methodology Universe

Universal Owner* Financial IntegraKon ESG Weighted 100%

Best-‐in-‐Class Sustainability Best-‐in-‐Class 50%

Socially Responsible Values based Screening & Best-‐in-‐Class 25%

Environmental ThemaKc Topical criteria 6%


How do ESG Indices Add Value?

§  ESG indices are analyKcal tools to explain how and why ESG investments are different §  Investment managers need benchmarks that accurately reflect their mandates

§  Investors want passive ESG products based on transparent, rules-‐based indices

§  PRI signatories must document progress incorporaKng ESG in their investments

§  ESG indices play the role of convenKonal market benchmarks and define how ESG strategies differ from a convenKonal approach to investment

§  If you have an ESG investment strategy, ESG indices are “the right tool for the job”

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ESG Indices – Use Cases

§  Benchmarks §  ETFs §  InsKtuKonal funds & SMAs §  Mutual funds §  Structured products

§  Investment universes §  Fundamental stock selecKon §  QuanKtaKve strategies

§  Strategic benchmarks §  Performance benchmarks for ESG porSolios §  Define & measure ESG characterisKcs of porSolios §  Monitor investment managers with ESG mandates

§  Custom indices §  MSCI can quickly & efficiently create custom indices

using client specified ESG criteria

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§  MSCI ESG Indices are designed for: Ø CreaKng index-‐linked investment products Ø Analyzing the ESG and financial characterisKcs of porSolios Ø Defining investment opportunity sets for acKve overlays


MSCI ESG Index Framework

§  Transparent, rules-‐based methodologies §  Holdings are selected from MSCI parent indices §  The same security-‐level data and corporate events data as the MSCI parent index §  Index Reviews on the same schedule as standard MSCI parent indices

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Types of MSCI ESG Indices

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Category/Index Descrip9on

Best in Class •  MSCI Global ESG Indices (30)

•  MSCI USA ESG Select Index

• Broad, diversified equity indices comprised of companies with high ESG raKngs relaKve to sector peers

• Designed for investors seeking a benchmark comprised of best-‐in-‐class ESG companies with relaKvely low tracking error to the underlying equity market and high ESG quality

Socially Responsible • MSCI Global Socially Responsible Indices (25) •  MSCI KLD 400 Social Index

•  Investment opportunity set of best-‐in-‐class ESG companies that exclude securiKes of companies involved in specific industries, such as tobacco or nuclear power

• Benchmarks for investors whose objecKves include owning companies with very high ESG raKngs and avoiding companies that are incompaKble with values-‐based criteria

Environmental •  MSCI Global Environment Indices (6)

•  MSCI Global Climate Index

• Global Environment: Investment opportunity set of companies that derive substanKal revenues from environmentally beneficial products and services in: AlternaKve Energy, Sustainable Water, Green Building, PolluKon PrevenKon or Clean Technology

• Global Climate: An equal weighted basket of 100 companies that are leaders in miKgaKng climate change. Index consKtuents are selected for their involvement in key themes: Renewable Energy, Clean Technology & Efficiency, and Future Fuels.

Ex Controversial Weapons •  MSCI Global ex Controversial Weapons Indices (27)

•  Investment opportunity set of companies that excludes companies involved in cluster bombs, landmines, chemical and biological weapons, and depleted uranium weapons

• Benchmarks for asset owners whose investment policies prohibit investments in controversial weapons to comply with regulaKons or to avoid the reputaKonal risk


Provisional MSCI World ESG Index*

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Descrip9on •  The MSCI World ESG Index is a broad, diversified equity index comprised of companies with high ESG raKngs relaKve to their sector peers

•  The Indices are aimed at investors seeking a benchmark comprised of best-‐in-‐class ESG companies with relaKvely low tracking error to the underlying equity market

Parent Index MSCI Regional indices making up MSCI World Index •  MSCI Europe and Middle East • MSCI Pacific •  MSCI USA** • MSCI Canada**

Company Characteris9cs Large and mid cap developed market companies

ESG Criteria • Include highest-‐rated companies making up 50% of the free float adjusted market capitaliza9on in each GICS sector of the underlying regional parent index, subject to IVA and Impact Monitor eligibility criteria • Eligibility: Companies with an IVA ra9ng ≥ ‘BB’ and an Impact Monitor score >2

Annual Index Review May

Quarterly Index Reviews August, November and February

Launch Date October 1, 2007 * MSCI ESG Research launched Provisional MSCI Global ESG Indices using an enhanced methodology on June 1, 2012. They will be decommissioned when the methodology becomes standard following the May 2013 Annual Review. For more details, see the index methodology.

** The MSCI USA ESG and MSCI Canada ESG Indices are aggregated to derive the MSCI North America ESG Index


2. MSCI World ESG Index ESG PorSolio AnalyKcs


Benchmark Comparisons

§  The methodology of MSCI World ESG Index is designed to produce low tracking error and strong ESG characterisKcs relaKve to MSCI World Index §  Large, diversified investment opportunity set

§  Low and stable tracking error §  Similar region weights and sector weights

§  SelecKon Klted toward companies with high ESG raKngs

§  Key quesKons regarding MSCI World ESG Index Ø  Does it have superior ESG characterisKcs?

Ø  Does it have low and consistent tracking error?

Ø  How does the Index perform?

Ø  How pronounced is Asset SelecKon risk?

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MSCI ESG PorSolio AnalyKcs

§  ESG PorSolio AnalyKcs facilitates ESG integraKon, monitoring & reporKng §  Benchmark ESG performance §  Analyze porSolio ESG risk §  Assess the effecKveness of ESG integraKon §  Evaluate asset manager implementaKon of ESG mandates §  Meet internal and external ESG reporKng requirements

§  ESG PorSolio AnalyKcs uKlize MSCI’s ESG research & indices to generate ESG metrics §  PorSolio scores §  E, S & G scores §  Sector scores §  Security-‐level impact scores

§  PorSolio and security-‐level compliance with values and norms based screening

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ESG PorSolio AnalyKcs – PorSolio Scores & RaKng DistribuKon

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Index-‐level scores

E, S & G scores

RaKngs distribuKon

Analysis based on Provisional MSCI World ESG Index Scores are based on porSolio weights Data as of June 1, 2012


ESG PorSolio AnalyKcs – ESG Scores By Sector

§  ProporKonal differenKals by GICS sectors shows consistent ESG Klt

§  Range is 7% -‐ 34% §  Average is 21% §  Highest is Consumer

DiscreKonary (34.5%)

§  Lowest is Industrials (6.7%)

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ESG PorSolio AnalyKcs – Exposure to ESG Controversies

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Increased Market ReacKon to ESG Driven Events

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*‘BP PLC’, ‘Tokyo Electric Power’, ‘Massey Energy’, ‘StatOil’,’ Exxon Mobil’, ‘Conoco-‐Phillips’, ‘Chevron’, ‘News CorporaKon’, ‘PG&E’, ‘Foxconn’, and ‘Royal Dutch Shell’ from 1980 to 2011 Source: MSCI ESG Research

-‐30%

-‐25%

-‐20%

-‐15%

-‐10%

-‐5%

0%

5%

10%

15%

8 7 6 5 4 3 2 1 0 -‐1 -‐2 -‐3 -‐4 -‐5 -‐6 -‐7 -‐8 -‐9

Closing price as a % of p

re-‐event pric

e

Weeks Before/A]er Significant ESG Event

Aggregate Stock Price Movement Pre-‐ and Post-‐ESG Event*

since 2008 before 2008

§ With growing regularity, ESG factors impact companies’ operaKons and trigger rapid share price adjustments


3. Case Study ESG PorSolio AnalyKcs Report on Pension Fund PorSolios


Pension Fund – Global

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Poròlio Poròlio Poròlio

§  The Global porSolio is the aggregaKon of three regional porSolios §  Overall porSolio score is between convenKonal and ESG benchmarks §  PorSolio E & S scores fall between convenKonal and ESG benchmarks §  G score lags both benchmarks


Pension Fund – North America

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Poròlio vs. Poròlio vs. Poròlio

§  Overall porSolio falls between convenKonal and ESG benchmarks §  Both benchmark scores lag World and World ESG scores

§  S & G scores fall between the benchmarks §  E score lags both benchmarks §  Weight of ‘AAA’ companies in porSolio exceeds North America ESG


Pension Fund – Europe

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Poròlio Poròlio Poròlio

§  Overall porSolio score lags both benchmarks, although it is higher than NA §  E & S scores fall between the benchmarks §  Governance significantly lags both benchmarks § Weight of ‘AAA’ and ‘AA’ companies in notably lower than the Europe ESG


ESG Sector Scores – North America and Europe

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Poròlio vs. Poròlio vs. Poròlio Poròlio

§  North America §  ConvenKonal BM: PorSolio ESG sector scores exceed, except in Health Care

§  ESG BM: Significant (> 15%) lags in 4 sectors, though exceeds in Industrials, Telecom, Financials, and Consumer Staples

§  Europe §  ConvenKonal BM: Notable lag in Health Care and Financials

§  ESG BM: Significant (> 15%) lags in 6 sectors, though exceeds in IT & Consumer Staples


Impact Monitor Controversies – North America

26


Impact Monitor Controversies – Europe

27


Concluding Thoughts

§  Benefits of ESG Indices §  Integrate ESG factors using a transparent, rules-‐based methodologies §  PotenKally avoid “blow-‐ups” that may occur in companies with low ESG raKngs or severe

controversies §  QuanKfy differences in ESG characterisKcs from convenKonal benchmarks

§  ESG PorSolio AnalyKcs uses the indices as benchmarks for analyzing ESG performance

§  Evaluate porSolios §  Monitor managers §  Report to clients and other consKtuencies

§  The role of ESG indices in the RFP process §  Benchmarks for measuring porSolio return and risk

§  Benchmarks that idenKfy “ESG quality” and standards for a porSolio §  ESG indices are essenKal for telling the whole story

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Appendix 1 Performance AVribuKon


MSCI World ESG Index -‐ Performance

§  Returns since incepKon are similar to parent index §  Return differences vary from period to period §  Fundamentals show modest growth orientaKon §  Turnover is higher, as expected

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Performance AVribuKon

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§  MSCI World ESG underperformed MSCI World over the analysis period (19.72% vs. 21.95%)

§  The largest contributors to acKve return came from Asset SelecKon and Country/Region factors

§  Tracking error (1.18%) is consistent with historical trend since launch in Oct 2007

GL MonthlySep-‐2010 to Jul-‐2012 (23 Months)04-‐Sep-‐2012 (Tue)


MSCI World ESG: Asset Specific Returns

§  The negaKve asset selecKon return was primarily a result of overweighKng some of the benchmark assets §  Every World ESG asset is

overweight compared to its benchmark weight

§  Benchmark assets not held had a posiKve overall acKve asset selecKon return during this period §  This implies that lower

returns were associated with lower ESG raKngs for the analysis period

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AcKve Asset SelecKon Returns

§  Top and BoVom Contributors – In the Index

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Name Sector Country Active Active 'Asset BottomPROCTER & GAMBLE CO Consumer Staples USA MKT 0.83 -0.33HEWLETT PACKARD CO Information Technology USA MKT 0.34 -0.31JOHNSON & JOHNSON Health Care USA MKT 0.81 -0.23CISCO SYS INC Information Technology USA MKT 0.48 -0.18HSBC HOLDINGS Financials UK MKT 0.69 -0.18TopASML HOLDING Information Technology NETHERL MKT 0.08 0.09NOVO-NORDISK B Health Care DENMARK

MKT0.23 0.1

WESTPAC BANKING CORP Financials AUSTRAL MKT 0.31 0.12COMMONWEALTH BANK OF AUST Financials AUSTRAL MKT 0.37 0.12ROCHE HOLDINGS DRC Health Care SWITZER MKT 0.52 0.13


AcKve Asset SelecKon Returns

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Name Sector Country Active BottomAPPLE INC Information Technology USA MKT -1.28WELLS FARGO & CO NEW Financials USA MKT -0.15SANOFI Health Care FRANCE MKT -0.13PHILIP MORRIS INTL INC Consumer Staples USA MKT -0.12GENERAL ELECTRIC CO Industrials USA MKT -0.11TopJPMORGAN CHASE & CO Financials USA MKT 0.16TOKYO ELECTRIC POWER Utilities JAPAN MKT 0.17MICROSOFT CORP Information Technology USA MKT 0.17CITIGROUP INC Financials USA MKT 0.21BANK OF AMERICA Financials USA MKT 0.29

§  Top and BoVom Contributors – Not in the Index


Appendix 2 MSCI ESG Research Products & Indices


MSCI ESG Research Products

MSCI ESG Impact Monitor

Ø  Current assessments of companies based on 31 impact indicators under the following ESG headings

•  Environment •  Customers •  Human Rights & Community •  Labor Rights & Supply Chain Mgmt. •  Governance

Ø  Impact Monitor Metrics • Overall, pillar, and indicator scores (0-‐10) for each company • Flags (Red/Yellow/Green) for each company

MSCI ESG Intangible Value Assessment

Ø  An in-‐depth analysis that generates robust risk ra9ngs for integra9ng ESG factors into investments

• Select Key Indicators for each industry • Evaluate Risk Exposure vs. Risk Management based on Key Indicators for each company • Generate company scores measuring unmanaged ESG risk • Rate companies vs. industry peer group

Ø  IVA Metrics • Overall, E,S & G pillar, and Key Indicator scores (0-‐10) for each company • ESG Risk RaKngs (AAA-‐CCC) •  Industry reports

Ø  Data covering the global investable universe for a broad range of business ac9vi9es

•  Values-‐based (e.g. ethical or religious) •  Social (e.g. child labor) •  Environmental (e.g. major polluters) •  Global sancKons (e.g. Sudan) Ø  Screening Metrics •  ‘True/False’ indicators for different types of involvement • $ amounts • Percentage of revenue

MSCI ESG Business Involvement Screening Research

Analyzes ESG investment risks and opportuni9es not always captured by

conven9onal analysis

Assessments of ‘ESG controversies’ and viola9ons of global norms such as the UN

Global Compact

Iden9fies the nature and extent of company business ac9vi9es to support

ESG por`olio screening


Overview of MSCI ESG Indices

37

Index Type Objec9ve Exclusions Parent Holdings (7/31/12) Launch

MSCI World ESG

Best in Class Targets companies w/ highest ESG raKngs making up 50% of the market cap in each sector in each region

NA MSCI World 777 10/1/07

MSCI USA IMI ESG

Best in Class Targets companies w/ highest ESG raKngs making up 50% of the market cap in each sector

NA MSCI USA IMI 1,227 1/1/01

MSCI World SRI Socially Responsible

Targets companies w/ highest ESG raKngs making up 50% of the market cap in each sector in each region, a}er exclusions

Alcohol, Tobacco, GMOs, Gambling, Firearms, Adult Entertainment, Military Weapons, Nuclear Power

MSCI World ESG 423 6/1/11

MSCI KLD 400 Social Socially Responsible

Companies w/ high ESG raKngs, subject to sector & size segment representaKon targets

Alcohol, Tobacco, GMOs, Gambling, Firearms, Adult Entertainment, Military Weapons, Nuclear Power

MSCI USA IMI ESG 397 6/1/90

MSCI Global Environment

Environmental Companies w/ >50% of revenues from AlternaKve Energy, Clean Tech, Green Building, Sustainable Water & PolluKon PrevenKon

NA MSCI ACWI IMI 145 12/1/08

MSCI ACWI ex Controversial Weapons

ex Controversial Weapons

Companies that are not involved in the producKon of Controversial Weapons

Cluster Bombs, Landmines, Chemical & Biological, and Depleted Uranium Weapons

MSCI ACWI 2,432 6/1/11


MSCI ESG Research 24 Hour Global Client Service

Asia Pacific

China North 10800.852.1032 (toll free)

China South 10800.152.1032 (toll free)

Hong Kong +852.2844.9333

Seoul +798.8521.3392 (toll free)

Singapore 800.852.3749 (toll free)

Sydney +61.2.9033.9333

Tokyo +81.3.5226.8222

Europe, Middle East & Africa

Cape Town +27.21.673.0100

Frankfurt +49.69.133.859.00

Geneva +41.22.817.9777

London +44.20.7618.2222

Milan +39.02.5849.0415

Paris 0800.91.59.17 (toll free)

Americas

Americas 1.888.588.4567 (toll free)

Atlanta +1.404.551.3212

Boston +1.617.532.0920

Chicago +1.312.706.4999

Monterrey +52.81.1253.4020

Montreal +1.514.847.7506

New York +1.212.804.3901

San Francisco +1.415.836.8800

São Paulo +55.11.3706.1360

Stamford +1.203.325.5630

Toronto +1.416.628.1007

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§  MSCI’s indirect wholly-‐owned subsidiary InsKtuKonal Shareholder Services Inc. (“ISS”) is a Registered Investment Adviser under the Investment Advisers Act of 1940. Except with respect to any applicable products or services from ISS (including products and services from MSCI ESG Research, which are provided by ISS), none of MSCI’s products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securiKes, financial products or instruments or trading strategies and none of MSCI’s products or services is intended to consKtute investment advice or a recommendaKon to make (or refrain from making) any kind of investment decision and may not be relied on as such.

§  The MSCI ESG Indices use raKngs and other data, analysis and informaKon from MSCI ESG Research. MSCI ESG Research is produced by ISS or its subsidiaries. Issuers menKoned or included in any MSCI ESG Research materials may be a client of MSCI, ISS, or another MSCI subsidiary, or the parent of, or affiliated with, a client of MSCI, ISS, or another MSCI subsidiary, including ISS Corporate Services, Inc., which provides tools and services to issuers. MSCI ESG Research materials, including materials uKlized in any MSCI ESG Indices or other products, have not been submiVed to, nor received approval from, the United States SecuriKes and Exchange Commission or any other regulatory body.

§  Any use of or access to products, services or informaKon of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, ISS, CFRA, FEA, and other MSCI brands and product names are the trademarks, service marks, or registered trademarks or service marks of MSCI or its subsidiaries in the United States and other jurisdicKons. The Global Industry ClassificaKon Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry ClassificaKon Standard (GICS)” is a service mark of MSCI and Standard & Poor’s. © 2012 MSCI Inc. All rights reserved. RV Jan 2012

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