January 2015 Journal of...

Journal of Sustainable Finance & BankingSM

January 2015 Volume II Issue 2

©hxdbzxy/Shutterstock

Featured Domain MLKsVoice.com Erika Karp … p.16 Global Market Strategy How Transparency Drives Sustainable Business Margarita Pirovska … p.19

Corporate Social Strategies, Investment Decision Making and Income Inequality Margarita Pirovska … p.23

Global Sector Research Transparency & Physical Commodity Markets Julie Lerner, PanXchange… p.26

“Legitimacy” in the Banking Sector M. Shavel, R. Lamb, D. Glossman … p.28 Enhanced Analytics The Social Costs of Business Michael Geraghty…p.30 Regional Imperatives Russia’s Shift Toward the East Lionel Vairon, PhD … p.32 New Ideas on Water from Lyonnaise des Eaux Joëlle de Villeneuve … p.36 Open Source Excellence Pirelli: ESG Integration & Performance F. Bettini, E. Giada Pessina… p.39 HP: Building the New Low Carbon Economy Nate Hurst… p.42

Learning from Heritage, Levi Strauss & Co Tracey Panek … p.45 BCBS: Investing in Better Health Kathy Higgins, BCBS of NC … p.47 Accelerating Impact Transparency in Banking – Delivering a Sustainable Banking Scorecard David Korslund … p.49

Bringing Transparency to Social Networks Anne Sherman, Toni La Belle … p.52 Sustainable Product Review “The Integrated Reporting Movement” Margarita Pirovska … p.55 Featured Editorial A Fresh Spotlight on Responsible Investment Practices Cécile Churet, RobecoSAM… p.57 Putting Transparency in Context to Mitigate Risk J. Fava. H. Gadonniex, J. Hendry … p.60

CEOs Letter on Sustainable Finance & Banking

Erika Karp Founder & Chief Executive Officer of Cornerstone Capital Inc.

This month in the “Cornerstone Journal of Sustainable Finance & Banking” (JSFB) we consider the theme of “Transparency” as we start the year with the furthest thing from a crystal clear view of what’s to come for global markets. As the world is captivated by the extraordinary show of solidarity against brutal extremism in Paris, investors grapple with huge questions: What will be the outcome of the debate between the primacy of security or privacy in the cybersecurity battle? In the Eurozone, can the timing and magnitude of QE stimulate an economic recovery given the necessities of structural reform in labor and housing markets? At what point will a supply response to the stunning plunge in oil prices bring us to a trough and how do we best gauge the macro and profit impacts? Complexity and volatility would seem to be the order of the day. And with shaken confidence and trust in outcomes, we see a concurrent demand for dramatically greater “Transparency” where we can find it. One place we can certainly not find it is in the statements of the US Federal Reserve Bank. At a time where divergent central bank policies add further complexity to the market outlook, FOMC statements are not making it any easier. Despite the complexity and volatility, Cornerstone’s Global Equity Market Strategist Michael Geraghty maintains the viewpoint that pockets of economic weakness globally support a defensive posture for global equity strategy. In this JSFB, we start with an article from Cornerstone’s Margarita Pirovska that traces the origins of transparency as a measure of compliance with internal and legal functions to answer such questions as, “How does a company conduct its business? How compliant are its factories with prevailing laws? But forward-looking companies are now embracing transparency in an operating context and using disclosure to drive long-term business change – welcoming consumer input into product design, or engaging more deeply on issues such as recycling, which in turn, reinforces the legitimacy of the growing request for information in the first place. We then move to Julie Lerner at PanXchange who argues that transparency needs to extend to physical commodities - from natural gas to grains — to “illustrate the true supply, demand and price of any commodity” and make markets more efficient. Digging further into the banking sector, Cornerstone’s Mike Shavel joins with Robert Lamb and Diane Glossman to look at “Legitimacy” with a framework designed to help investors assess the quality of an institution’s relationships, whether with customers, shareholders, regulators, employees or community members. David Korslund of the Global Alliance for Banking on Values approaches this subject from a slightly different perspective, with a “Sustainable Banking Scorecard,” a tool for bank self-assessment and improvement as well as a means to provide stakeholder assessment of a bank's sustainability profile. Cornerstone’s Geraghty weighs in again on the “Social Costs of Business” with implications for sector strategy, while Pirovska takes on “Income Inequality,”

Cornerstone Journal of Sustainable Finance & BankingSM / January 2015 / 2

offering new tools for investors and examples of corporations that have embraced this issue and found workable solutions that aim to reduce inequality and also produce very good financial outcomes. The measure of outcomes are further explored in our account of the A4S Summit in London and in our review of Bob Eccles’ book, “The Integrated Reporting Movement,” which frames the growing best practice of allying financial, environmental, social and governance-related performance analysis in business reporting practices. In “Regional Imperatives,” Lionel Vairon warns of the dangers of Russia’s turn toward the East, while Joëlle de Villeneuve of Lyonnaise des Eaux of France argues for a “virtuous economy for water” and addressing the challenges of protecting precious resources. The “Open Source Excellence” section shows how corporates are using transparency for a variety of goals: Levi Strauss & Co.’s historian Tracey Panek relates how original artifacts from the early 1900s help shape new products and motivate today’s workers; Pirelli’s Filippo Bettini and Eleonora Pessina offer a new pragmatic and yet purposeful approach that ties executive compensation to sustainability and green performance initiatives, while HP’s Nate Hurst discusses what the “power of creative thinking and technology” can do to transform lives, energize businesses, and empower communities. Kathy Higgins rounds out this stellar lineup describing how BCBS of North Carolina looks to “outcomes-focused” community investment to increase access to healthcare for the state’s most vulnerable residents. And here we layer the theme of Transparency with MLKsVoice.com to mark the birthday of Dr. Martin Luther King — a chapter of whose story has been beautifully rendered in the new film, “Selma.” We recall Dr. King’s struggle against racial segregation and economic injustice with the “fierce urgency of now,” a message that we believe holds true when confronting today’s global challenges on healthcare, education, climate change and resource renewal, and those innovators and entrepreneurs willing to transform themselves for the sake of right in the long term. For investors looking to transparency to make an impact, Anne Sherman and Toni La Belle of Growth Philanthropy discuss the “Social Impact Exchange,” a unique opportunity for funders to be part of a community of peers, all of whom are interested in learning about successful approaches to scaling impact. Cécile Churet of RobecoSAM provides a baseline to identify areas for action and measure progress over time. The payoff? James Fava, Heather Gadonniex and Josh Hendry at PE INTERNATIONAL trace how companies that proactively adopt transparency as their guide to help “future-proof their business” and increase profitability in the long run, making them a better bet for investors. My sincere regards, Erika Erika Karp Chief Executive Officer


http://cornerstonecapinc.com/?p=5097

Table of Contents

CEOs Letter on Sustainable Finance and Banking

p. 2

Market Summary Overview Market & Global Sector Performance, Monetary Policy & ESG Data

p. 6 p. 8

Featured Domain MLKsVoice.com

Erika Karp

Founder & CEO,

Cornerstone Capital Inc.

p. 16

Global Market Strategy Regional and Sector Strategy Monthly Update How Transparency Drives Sustainable Business Corporate Social Strategies, Investment Decision Making and Income Inequality

Michael Geraghty Margariat Pirovska, PhD Margarita Pirovska, PhD

Global Markets Strategist,


Policy & Sustainability Analyst, Cornerstone

Capital Inc..


Capital Inc.

p.18

p.19

p.23

Global Sector Research Transparency and Physical Commodity Markets: It Doesn’t Need to be Complicated “Legitimacy” in the Banking Sector

Julie Lerner Michael Shavel, CFA Robert D. Lamb Diane B. Glossman

Founder and CEO, PanXchange, Inc.

Global Thematics Analyst

Visiting Research

Professor, US Army War College Strategic Studies

Institute

Banking, Corporate Board & Governance Advisor

p.26

p.28

Enhanced Analytics The Social Costs of Business: Implications for Sector Strategy

Michael Geraghty

Global Markets Strategist,


p.30

Regional Imperatives Russia’s Shift Toward the East New Ideas on Water from Lyonnaise des Eaux

Lionel Vairon, PhD Joëlle de Villeneuve

CEO of CEC Consulting

Director of Sustainable

Development, Lyonnaise des Eaux

p.32

p.36

Open Source Excellence Pirelli: A Story of ESG Integration & Performance HP: Building the New Low Carbon Economy – Transparent Emissions

Filippo Bettini Eleonora Giada Pessina Nate Hurst

Head of Sustainability and

Risk Governance, Pirelli

Group Sustainability Officer, Pirelli

Global Director, Environm

ental Progress, HP

p.39

p.42


Historical Transparency: Learning from Heritage at Levi Strauss & Co. Investing in Better Health: Blue Cross and Blue Shield of North Carolina

Tracey Panek Kathy Higgins

Historian, Levi Strauss &

Co.

Vice President, Corporate Affairs, Blue Cross and

Blue Shield of NC

p.45

p.47

Accelerating Impact Transparency in Banking Delivering a Sustainable Banking Scorecard Bringing Transparency to Social Impact Networks at Scale

David Korslund Anne Sherman Toni La Belle

Senior Advisor, Global

Alliance for Banking on Values

Vice President, Nonprofit

Strategy, Social Impact Exchange/Growth

Philanthropy Network

Managing Director, Network Partnerships,

Social Impact Exchange/Growth

Philanthropy Network

p.49

p.52

Sustainable Product Review “The Integrated Reporting Movement”

Margarita Pirovska, PhD


Capital Inc.

p.55

Featured Editorial A Fresh Spotlight on Responsible Investment Practices Putting Transparency in Context to Mitigate Risk

Cécile Churet James Fava, PhD Heather Gadonniex Josh Hendry

Sustainability Investing

Client Specialist, RobecoSAM

Chief Sustainability

Strategist, PE INTERNATIONAL

Director Sustainable

Building & Construction, PE INTERNATIONAL

Senior Consultant, PE

INTERNATIONAL

p.57

p.60

Virtual Attendance The Prince’s Accounting for Sustainability Project (A4S) Summit

Erika Karp

Founder & CEO,


p.62

Upcoming Events Global ESG Calendar

p.64

Journal of Sustainable Finance & Banking Subscription Form Articles Cornerstone Capital Team Important Disclosures

p.65

p.67 p.68 p.69


Featured Domain

MLKsVoice.com

By Erika Karp, Founder & CEO

Each month in the Cornerstone Journal of Sustainable Finance & Banking (JSFB), we will offer thoughts on a “Featured Domain,” which is selected from our proprietary “Sustainable Domain Bank.” The Cornerstone “Sustainable Domain Bank” contains 2,000+ addresses on the Internet, which are an articulation of business processes, business practices and aspirations for a more regenerative form of capitalism. Many of these domain names have the potential to be developed into business plans reflecting a robust interpretation of sustainable capitalism and finance. In particular, each “Sustainable Domain” captures a principle, or reflects a value inherent in the systematic understanding of the Environmental, Social and Governance (ESG) imperatives facing businesses and the economy today. Each Domain is intended to facilitate dialogue across functions and sectors of the capital markets; and each is available for collaborative partnership, purchase or transfer should it have particular appeal to Cornerstone clients and colleagues.

On April 4th, 1967 at the Riverside Church in New York City, Dr. Martin Luther King, Jr. gave a speech entitled “Beyond Vietnam: A Time to Break Silence.” In this hugely controversial speech where he came out against the war, and against the establishment and his own advisors, Dr. King also came to terms with his conscience. He gave this speech highlighting “the fierce urgency of now.” He came out against escalating militarism, poverty, and racism. What would he say about these same issues today; and about religious extremism, climate change, education, healthcare, water stress, and income inequality. Where that he were here now.... "We are now faced with the fact, my friends, that tomorrow is today. We are confronted with the fierce urgency of now. In this unfolding conundrum of life and history, there is such a thing as being too late. Procrastination is still the thief of time. Life often leaves us standing bare, naked, and dejected with a lost opportunity. The tide in the affairs of men does not remain at flood -- it ebbs. We may cry out desperately for time to pause in her passage, but time is adamant to every plea and rushes on. Over the bleached bones and jumbled residues of numerous civilizations are written the pathetic words, ‘Too late.’ There is an invisible book of life that faithfully records our vigilance or our neglect.”

Martin Luther King Jr. Memorial, Washington D.C. / Wikipedia Dr. King said in this speech: “This is no time for apathy or complacency. This is a time for vigorous and positive action.” ...“During these days of human travail, we must encourage creative dissenters.” Had he been talking about business leaders and investors, he might have been talking about those who take the long view; those who leverage economic power and the tools of capitalism to enhance prosperity for all. I think Dr. King would have been talking about executives, financiers, innovators and entrepreneurs willing to transform themselves for the sake of right in the long term. I think Dr. King would have had the faith to persevere knowing that good things would come with a legacy of good governance.


Just as Dr. King is known to have struggled with his “Beyond Vietnam” speech, he struggled with the tactics to move the cause forward. His campaign against racial segregation and economic injustice used nonviolent but intentionally confrontational tactics. His stated intent was to "create a situation so crisis-packed that it will inevitably open the door to negotiation.” In these tactics, King argued that the crisis of racism was too urgent, and the current system too entrenched to be timid. He spoke against those more devoted to "order" than to justice; those who prefer a negative peace which is the absence of tension, to a positive peace which is the presence of

justice; those who constantly say: "I agree with you in the goal you seek, but I cannot agree with your methods of direct action"; those who paternalistically believe they can set the timetable for another’s freedom; those who live by a mythical concept of time and who constantly advise waiting for a "more convenient season." No waiting when one feels the “fierce urgency of now.”

Erika Karp is the Founder & Chief Executive Officer of Cornerstone Capital Inc.


Open Source Excellence

Investing in Better Health: Blue Cross and Blue Shield of North Carolina

By Kathy Higgins, Vice President, Corporate Affairs, Blue Cross and Blue Shield of North Carolina Improving the health and well-being of North Carolinians is at the heart of the missions of both Blue Cross and Blue Shield of North Carolina’s (BCBSNC) and its independent philanthropy affiliate the Blue Cross and Blue Shield of North Carolina Foundation. Addressing these issues, however, requires a level of community investment and strategy far beyond promotions and programs, as brand placement and event participation will not create the long-term sustainable changes necessary to improve health at a population level. Recognizing the need for a more substantive strategy to impact the health of North Carolinians, both entities are committed to investing in tangible outcomes, to help create an environment where healthy options are available to all. One example is BCBSNC’s support of FoodCorps’ expansion in North Carolina which is helping build a local food infrastructure by investing in strategies that impact both community and industry. FoodCorps is a national nonprofit that helps children build positive relationships with healthy food through hands-on lessons in the garden, kitchen and classroom, and works with schools to get local food into the cafeteria. This community investment is projected to help 40,000 children access healthy, local food and will open cross-sector conversations to determine how to make healthy food more accessible across the board. With an eye on prevention, and to address physical activity in low-income communities while engaging its broad employee base, BCBSNC also has led a multi-year partnership with KaBOOM!, a national organization focused on increasing play through the construction of community-built playgrounds. Through this collaboration, BCBSNC has spearheaded the creation of six play spaces, providing an avenue for 750 employees to dedicate 4,500 hours of service in

©gst/Shutterstock the communities in which they live, work and play. These playgrounds have created a legacy of new play opportunities for more than 6,000 children in North Carolina while serving as a point of pride for a growing and community-oriented workforce. Outcomes-focused community investment also drives the BCBSNC Foundation, which over nearly 15 years, has invested more than $100 million into North Carolina communities. In addition to a commitment to increasing access to healthcare for the state’s most vulnerable residents, BCBSNC Foundation has made significant progress in expanding avenues to physical activity and supporting the growth of a healthy, sustainable food system. Within the realm of physical activity and food, one key area of focus has been proactive investments in early childhood, with the intent of establishing a trajectory of a lifetime of healthy behaviors. Over time, this strategy has evolved from a focus on programs to one that centers on the environments, policies and practices that shape the childcare experiences for young children.


For example, in 2010, BCBSNC Foundation joined the North Carolina Partnership for Children to create Shape NC, a six-year, multi-million dollar initiative to increase the number of young children in North Carolina starting kindergarten at a healthy weight. The multi-prong effort layers best practices in early childhood with strong network building, technical assistance and community change strategies. Through the statewide Smart Start network, Shape NC brings together the policy and practice strength of the Nutrition and Physical Activity Self-Assessment for Child Care (NAP-SACC), with the established environment changes from Preventing Obesity by Design (POD), and the programming and training skills of Be Active Kids®. These evidence-based programs have shown strong outcomes when independently integrated into the childcare setting. Shape NC is integrating these strategies to create model centers of best practice in physical activity, play, healthy food, and healthy environments. Shape NC is the first statewide initiative in this space to combine multiple successful strategies and to implement both a top-down and bottom-up approach

to improve the health of children in childcare, their families and their communities. In its first three years, ShapeNC has expanded into 27 North Carolina counties, spurred a 46 percent increase in the number of Shape NC children provided with servings of fruit two or more times a day, a 28 percent increase in vegetable consumption in participating centers and saw 85 percent of children in Shape NC programs engaging in at least 90 minutes of developmentally appropriate movement and play daily. From food access and availability, to safe and appropriate play spaces, to comprehensive early childhood interventions, health is vitally important to the people of our home state and therefore so too is our commitment to tangible investments in making it better. Kathy Higgins is Vice President, Corporate Affairs for Blue Cross and Blue Shield of North Carolina and President of Blue Cross and Blue Shield of North Carolina Foundation.


http://www.bcbsnc.com/

http://www.bcbsncfoundation.org/

http://www.bcbsncfoundation.org/

Virtual Attendance

The Prince’s Accounting for Sustainability Project (A4S) Summit

By Erika Karp, Founder & CEO at Cornerstone Capital Inc. As 2014 came to a close, HRH the Prince of Wales hosted the 10th anniversary Accounting for Sustainability Project (A4S) Summit and rightly stressed that "We need 21st century tools for 21st century problems...and time is not on our side." That does indeed capture the sense of urgency and purpose shared by the attendees of this year’s Summit in London. This convening of corporate executives, financial and accounting experts, and senior leaders from across disciplines of civil society, reflected the tremendous commitment to understand the interdependencies among financial, social, and environmental factors, and then to catalyze the shift to a sustainable society. Just as Bank of England Governor Mark Carney recently referred to "the tragedy of the horizons" in a reference to the short-termism inherent in corporate earnings reporting season, a panel of leading CFO’s explored the necessity of building shareholder value in the long-term. As articulated by Rolf-Dieter Schwalb, CFO of Royal DSM, this meant to his company a portfolio transformation from a petro-chemicals company, to one focusing on life sciences, health and nutrition. Further, we heard from John Rogers, CFO of Sainsbury’s, as he put to rest the issue of whether investors ask him questions about issues of long-term sustainability. John simply said “spot on” when we asked him if a “translation service” is needed between “sustainable investors” and corporate executives. Investors DO indeed care about environmental, social and governance questions (if they relate to revenues, costs, and risk); they simply may not know that they care unless it’s framed in this language! And speaking of language, Roger Seabrook, VP of Investor Relations at Unilever, agreed that the questions may not be direct, but on the part of the companies, few make the case as clearly as they ought

HRH The Prince of Wales at the Accounting for Sustainability Project Summit. Courtesy of A4S. for the commercial imperatives. “We the companies need to look at the metrics and messages; and then lead the discussions.” Further to the metrics, and on the subject of integrated financial reporting, this process will be transforming the way companies communicate to their investors. As it is becoming a global norm, we must be training the accountants and CFOs of the future. Prince Charles would remind us that "Time is not on our side; and at this alarming rate, Nature's bank is about to go bust as the sums simply do not add up.” We are living on the capital rather than on the earnings of the capital. Just as HRH Prince Charles said that CFOs are the “engine room” allowing for effective response to global structural imperatives, we would argue that the corporate sector more broadly is the engine room for the global economy. That was echoed after Barry Gardner, MP, Shadow Minister of Natural Capital seemed skeptical regarding prospects for changes in the regulatory landscape which would lead us towards sustainable development goals. David Blood of Generation Investment Management would look for a mandate for either the price of carbon or the disclosure of carbon emissions; but John Rogers reiterated that there is a lot which leading companies can do in the absence of regulatory change. In fact, at


https://www.accountingforsustainability.org/

https://www.accountingforsustainability.org/

Sainsbury’s he went on, “sustainability is at the very heart of our business. If we want to be around in 100 years, we need to lead the conversation.” The clear message of this 10th anniversary summit is that Stewardship must be the order of the day. Successful organizations must redefine and transform business models to function in this world. We must find new sources of innovation, reduced risk, extended periods of competitive advantage. Finance

professionals must leverage their unique capacity to sound the alarm, given that they have the power to direct the resources. Again, corporations need to lead the conversation.

Erika Karp is the Founder & Chief Executive Officer of Cornerstone Capital Inc. and the former Head of Global Sector Research at UBS Investment Bank.


Upcoming Events

Global ESG Calendar

Date/Time Event Location Information

1.23.15 TBLI Conference @Booth/Kellogg 2015 Chicago Booth Gleacher Center Chicago, IL U.S.A.

http://www.tbligroup.com/tbliconference/boothkellogg2015.html

1.27.15 Ceres 25: The Future is Now Espace New York, NY U.S.A.

http://www.ceres.org/about-us/ceres25/tickets

2.4 – 2.5.15 Solar Power Generation USA Congress 2015

Marriott Mission Valley San Diego, CA U.S.A.

http://www2.greenpowerconferences.co.uk/EF/?sSubSystem=Prospectus&sEventCode=SP1502US&sSessionID=9i4sf55bm9uhr6kgobqc440n20-21531342

2.17 – 2.19.15 GreenBiz 2015 JW Marriott Camelback Inn Scottsdale, AZ U.S.A.

http://www.greenbiz.com/events/greenbiz-forum/phoenix/2015

3.3 – 3.5.15 The Conference of Resource ExCel London, United Kingdom

http://www.resource-event.com/conference-resource

3.5.15 – 3.6.15 CleanEquity Monaco 2015 Monaco, Monaco. https://www.innovator-capital.com/cleanequity/

3.6.15 Sustainability CEO Summit Jackson Hole, WY U.S.A. http://www.canaccordgenuity.com/en/cm/News-Events/Events/

3.10.15 – 3.11.15 Global Ethics Summit Grand Hyatt New York, NY U.S.A.

https://globalethicssummit2015.com/

3.11.15 – 3.13.15 Women’s Private Equity Summit Ritz Carlton Half Moon Bay Half Moon Bay, CA U.S.A.

http://www.womensprivateequitysummit.com/

3.23.15 14 WGS: The Wall Street Green Summit Columbia University Club New York, NY U.S.A.

http://www.wsgts.com/

3.30.15 – 3.31.15 ESG, SRI & Impacting Investment Summit Cornerstone Participating Event

The Princeton Club New York, NY U.S.A.

https://www.frallc.com/conference.aspx?ccode=B954

4.21.15 – 4.22.15 RI Asia 2015

Tokyo Stock Exchange Chuo-ku, Tokyo JAPAN

https://www.responsible-investor.com/events/events_page/ri_asia_2015/

4.21.15 – 4.22.15 Impact Capitalism Summit

Union League Club Chicago, IL U.S.A.

http://www.impact-capitalism.com/

5.4.15 – 5.6.15 US SIF Conference 2015 Cornerstone Participating Event

The Westin Michigan Avenue Chicago Hotel Chicago, IL U.S.A.

http://www.ussif.org/conference

5.13.15 – 5.15.15 2015 Ceres Conference The Fairmont Hotel Boston, MA U.S.A.

http://www.ceres.org/

6.2.15 – 6.3.15 RI Europe 2015 London, United Kingdom https://www.responsible-investor.com/events/














https://www.innovator-capital.com/cleanequity/

https://www.innovator-capital.com/cleanequity/

http://www.canaccordgenuity.com/en/cm/News-Events/Events/

http://www.canaccordgenuity.com/en/cm/News-Events/Events/

https://globalethicssummit2015.com/



http://www.wsgts.com/






http://www.impact-capitalism.com/

http://www.ussif.org/conference

http://www.ceres.org/

https://www.responsible-investor.com/events/

https://www.responsible-investor.com/events/

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The Cornerstone Capital Inc. Team

Erika Karp Founder and Chief Executive Officer [email protected]

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Nicola Shelbourne Treasurer & Director of Executive Financial Services [email protected]

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Kara McGouran Assistant to the CEO [email protected] Dehao (Andy) Zheng Research Associate [email protected]





















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