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ESG, Impact and Sustainable Investing
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Today, Socially Responsible and Impact Investing is one of the fastest growing segments of the fund management industry and the growth is expected to accelerate. Institutional investors have realised that they have a duty to consider sustainability issues when they make investments. Corporate boards are also realising the need to define value beyond the narrow interests of shareholders and are embracing a broader fiduciary approach and including a wider range of stakeholders, from consumers and employees to communities, broader society and the environment.
Why an ESG and Socially Responsible Investing Course?Many forces are at work today transforming the way businesses operate and societies function. Many corporate boardrooms and institutional investors are still holding on to ingrained governance practices and are failing to adapt to a more complex and disruptive environment.
Traditional interpretations of corporate governance and fiduciary responsibilities of both Institutional Investors and Boards of Directors are being challenged by ESG activists. In order to meet the needs of all stakeholders, business leaders today are reassessing why their organisations exist and what purpose they fulfil. Reframing the value proposition to incorporate a broader range of stakeholders is proving not just to make good business sense, but can help the company’s share price as well.
This new programme examines the different frameworks for incorporating ESG and responsible investing practices from both the investor and corporate boardroom perspectives. The various approaches to ESG investing, including ESG inclusion, ESG integration, ESG engagement and ESG screening will be covered comprehensively. The full spectrum of ESG products and strategies across the equity and fixed income asset classes will be covered. The programme will focus on the practical application of ESG investing and examine some of the traps and pitfalls in implementing an ESG strategy.
Who Should Attend:- Asset Allocators/Portfolio Strategists
- Portfolio Managers
- Investment Advisors
- Product Developers
- Marketing and Distribution Professionals
- Private Bankers/Wealth Managers
- Equity and Fixed Income Analysts
- Board Directors
- Governance and Stewardship Specialists
- Family Office Managers
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. -
Day 1
A Framework for ESG and Responsible Investing
History and Background to ESG and Responsible Investing
- An historical overview of socially responsible investing
- Social purpose, sustainability and purposeful capitalism
- Differentiating between socially focused investing, governance focused investing and environment focused investing
- The size and growth of the ESG and SRI marketplace
- Global ESG assets by type of exposure
- Stimulants and catalysts behind the growth of ESG and SRI investing
- Why the ESG market is poised for further growth
Case Study: The Growth of ESG and Socially Responsible Investing
Theoretical Backdrop: The Shareholder Model Vs Stakeholder Model
- Summary of shareholder value maximisation theory
- The Milton Friedman doctrine
- Agency theory and the separation of ownership and control
- Shareholder value theory and ESG integration are compatible
- Stakeholder value theory and why it is on the ascendancy
- Narrow versus broad definitions of stakeholders
- Defining corporate responsibilities to all stakeholders
- Frameworks for shareholder stewardship
- ESG factor analysis
- ESG risk premia
- Alpha, beta and smart beta in the context of ESG and SRI investing
Case Study: The Capitalist Reformation
Standards and Regulatory Background
- The Paris Agreement 2015, UNFCCC
- The Sustainable Development Goals
- The Coalition for Environmentally Responsible Economies (CERES)
- The Sustainability Accounting Standards Board (SASB)
- The UN Principles for Responsible Investment (PRI)
- The Green Bond, Social Bond and Sustainable Bond Principles
- Unilever’s sustainable living plan
Case Study: Drafting Responsible and Sustainable Investing Standards
The Future for ESG and Responsible Investing
- Rapid growth set to continue, if not accelerate
- ESG metrics – the soft underbelly of the ESG market
- Formulating ESG disclosure frameworks
- Corporate governance and stewardship codes
- Engaged owners and engaged ownership
- An institutional charter
Case Study: Future Developments in ESG Investing
Day 2
ESG Methodologies and Investment Processes
Exclusion-Based ESG Investing
- Overview of exclusion-based ESG investing
- Examples of large scale exclusion-based ESG investing
- Complexities in determining an exclusionary policy
- The problems and pitfalls of negative screening
- The bandwagon effect
- What impact do exclusions have on returns
- Negative screens and tracking error considerations
- The impact of negative screens on the risk and performance of various style indices
- Approaches to implementing exclusions
- Application of screens to passive and active management
- Understanding the complexities and biases that screens introduce
Case Study: Exclusion-Based ESG Investing
Integration-Based ESG Investing- What is integration-based ESG investing
- What added-value do integration-based approaches offer
- Incorporating alpha insights into an integration-based approach
- Common ESG factors that are targeted
- Fundamental ESG integration – evaluating ESG factors
- Systematic ESG integration – quantitative criteria Vs qualitative insights
- ESG as part of a multi-factor analysis
- ESG ratings improvement momentum
Case Study: Integration-Based ESG Investing
Impact-Based ESG Investing- Defining impact-based ESG investing
- Understanding the cause and effect relationship in impact investing
- Impact investing as engaged ownership
- Concessionary Vs non-concessionary impact investors
- Making the impact objective explicit, intentional and measured
- Mission-related investments Vs programme-related investments
- Investors’ impact matrix and impact reporting and investment standards
- Is there a single way to approach impact measurement
Case Study: Impact-Based ESG Investing
Engagement-Based ESG Investing
- Why do investors choose engagement-based ESG investing
- The different tones to engagement – collaboration, hostile
- The strategy for engagement – private, public
- Engagement through proxy voting
Case Study: Engagement-Based ESG Investing
Day 3
ESG Products, Instruments and Strategies
Green and Climate Bonds
- What are green bonds and how do they work ?
- The green bond principles and climate bond initiatives
- What comes under the classification of a green bond
- Overview of the global green bond market
- Issuer and issuance statistics for green bonds
- Performance characteristics of green bonds
- How are the bond proceeds used – external verifiers
- The sovereign green bond market
- The corporate green bond market
- Green CLOs
- Future growth prospects for the green bond market
- Recent themes in green bond investing
Case Study: The Market for Environmental and Climate Change Products
Social Bonds
- What are social bonds and how do they work ?
- The social bond principles initiative
- Private Vs public sector issuers of social bonds
- The financial structure of social bonds
- Social bond finance projects that address social issues
Case Study: The Market for Social Investment Products
Sustainability Bonds
- What are sustainable bonds and how do they work ?
- The sustainability bond guidelines
- The U.N.’s sustainable development goals
- Issuer and issuance statistics for sustainable bonds
- Financial structure of sustainable bonds
- Financing a mix of green and social projects
Case Study: The Market for Sustainability Bonds
ESG Mutual Funds and ETFs
- Overview of active and passive ESG investing
- Alpha and ESG investing via mutual funds
- Smart beta and ESG investing via ETFs
- Some popular ESG mutual funds and ETFs
Case Study: Active and Passive Funds Engagement
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Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Bernard Duffy
Biography
Bernard Duffy began his investment management career with Abbey Life in Dublin before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and for the company’s successful entry into the single premium bond market. He joined County Bank in 1986 as Research and Development executive in the unit trust division. In 1987 he transferred to the pension fund department, assuming responsibility for the management and performance of Canadian equity investments. In 1991, Bernard was seconded to the European equity desk to manage a research project on European smaller companies. At the end of 1992, he was appointed head of the North American equity desk. Bernard has a B.A.(Hons) in Economics and Politics, an M.A. in Development Economics and an M.B.A. in Finance from the City University Business School in London. He is the course director and lead trainer on a number of Euromoney training programmes including the Investment Management School, Private Wealth Management, Hedge Funds and Investing in Art.
