Reports for Investors http://www.ceres.org daily 1 2011-01-31T16:35:24Z Proxy Voting for Sustainability http://www.ceres.org/resources/reports/proxy-voting-for-sustainability This report serves as a resource guide to help global investors respond to environmental, social and governance (ESG) issues that are increasingly the subject of shareholder resolutions filed with U.S. publicly held corporations. This first-of-its-kind report lays out four concise sets of principles on governance, social issues, general sustainability and environmental performance to guide investors’ voting on specific resolutions addressing these topics. This report serves as a resource guide to help global investors respond to environmental, social and governance (ESG) issues that are increasingly the subject of shareholder resolutions filed with U.S. publicly held corporations. This first-of-its-kind report lays out four concise sets of principles on governance, social issues, general sustainability and environmental performance to guide investors’ voting on specific resolutions addressing these topics.

]]> No publisher erekson@ceres.org 2013-05-21T14:15:00Z Resource Power Factor: Institutional Investors’ Policy Priorities Can Bring Energy Efficiency to Scale http://www.ceres.org/resources/reports/power-factor-institutional-investors2019-policy-priorities-can-bring-energy-efficiency-to-scale Research shows climate change could impose a multi-trillion dollar burden on the global economy and contribute ten percent of overall risk within institutional investment portfolios. Institutional investors, who manage tens of trillions of dollars globally, are actively looking for ways to mitigate these climate-related risks. Energy efficiency offers one such opportunity for institutional investors to manage the risks of climate change while earning a competitive rate of return on their investment. Research shows climate change could impose a multi-trillion dollar burden on the global economy and contribute ten percent of overall risk within institutional investment portfolios. Institutional investors, who manage tens of trillions of dollars globally, are actively looking for ways to mitigate these climate-related risks. Energy efficiency offers one such opportunity for institutional investors to manage the risks of climate change while earning a competitive rate of return on their investment.

Industry analysts have estimated the potential energy efficiency investment opportunity in the hundreds of billions of dollars. However, under current market conditions, institutional investors are largely unable to finance energy efficiency projects at the scale necessary to address climate change or to meet their own internal investment criteria. At sufficient size, a market for energy efficiency loans could present an attractive investment opportunity for institutions.

]]> No publisher Megan Doherty 2013-05-21T13:00:00Z Resource The 21st Century Investor: Ceres Blueprint for Sustainable Investing Summary http://www.ceres.org/resources/reports/the-21st-century-investor-ceres-blueprint-for-sustainable-investing-summary This summary report of The 21st Century Investor: Ceres Blueprint for Sustainable Investing (the “Ceres Investor Blueprint”) is a preview of a more detailed document Ceres will release later this quarter. This summary report of The 21st Century Investor: Ceres Blueprint for Sustainable Investing (the “Ceres Investor Blueprint”) is a preview of a more detailed document Ceres will release later this quarter. The Ceres Investor Blueprint is intended to guide investors along a path to becoming what we call “sustainable investors" —investors who understand that the 21st century economy will be shaped by powerful forces such as climate change, population growth, rising demand for energy, declining supplies of fresh water and other natural resources, and protection of human rights and worker health and safety. To protect current and future beneficiaries, and maximize risk-adjusted returns, sustainable investors will need to mitigate the risks and seize the opportunities arising from these sustainability challenges.

By operating and investing sustainably, companies and investors will be contributing significantly to the creation of a sustainable economy—one that meets the needs of people today without compromising the ability of future generations to meet their needs. The Ceres Investor Blueprint is designed to help investors act on their growing concern about sustainability by providing a set of 10 concrete action steps that will move them along a path towards becoming sustainable investors.

]]> No publisher Megan Doherty 2013-05-02T17:55:00Z Resource INCR Listing Standards Drafting Committee Consultation Paper: Proposed Sustainability Disclosure Listing Standard for Global Stock Exchanges http://www.ceres.org/resources/reports/incr-listing-standards-drafting-committee-consultation-paper-proposed-sustainability-disclosure-listing-standard-for-global-stock-exchanges A group of leading global investors have created a Consultation Paper with recommendations for integrating sustainability disclosure requirements into listing rules for U.S. and global stock exchanges. A group of leading global investors have created a Consultation Paper with recommendations for integrating sustainability disclosure requirements into listing rules for U.S. and global stock exchanges.

The draft recommendations were developed by nearly a dozen investors who are part of the Ceres-led Investor Network on Climate Risk (INCR). BlackRock, British Columbia Investment Management Corporation, and the AFL-CIO Office of Investment are among those who participated on the INCR Listing Standards Drafting Committee.

The initiative is part of a growing effort by investors and stock exchanges, including NASDAQ OMX, to make sustainability disclosure a consistent requirement for corporate listings on stock exchanges. While several exchanges have adopted their own sustainability listing requirements and guidance, INCR members and NASDAQ OMX have set out to develop a uniform baseline standard that all stock exchanges can use.

]]> No publisher Megan Doherty 2013-04-08T13:10:00Z Resource Incorporating Environmental, Social and Governance Factors into Investing: A Survey of Investment Consultant Practices http://www.ceres.org/resources/reports/incorporating-environmental-social-and-governance-factors-into-investing-a-survey-of-investment-consultant-practices This report shows that investment consultants retained by major asset owners such as pension funds, foundations and endowments have generally not considered environmental, social and governance (“ESG”) risks and opportunities as they advise their investor clients on their portfolios. A new Ceres report shows that investment consultants retained by major asset owners such as pension funds, foundations and endowments have generally not considered environmental, social and governance (“ESG”) risks and opportunities as they advise their investor clients on their portfolios. Of the 13 U.S. and international consulting firms surveyed for the report, few have developed expertise in ESG investing, fewer than half believe environmental and social factors can impact long-term financial risk and reward, and only one integrates ESG into its risk/return and asset allocation modeling.

The report, Integrating Environmental, Social and Governance Factors Into Investing: A Survey of Investment Consultant Practices, was prepared by the Investor Network on Climate Risk (INCR), a group of 100 institutional investors with more than $10 trillion in assets under management, and the nonprofit group Ceres, which advocates for sustainable business and investment practices.

]]> No publisher Megan Doherty 2012-10-05T07:00:00Z Resource Stormy Future for U.S. Property/Casualty Insurers: The Growing Costs and Risks of Extreme Weather Events http://www.ceres.org/resources/reports/stormy-future This Ceres report examines how extreme weather trends may be a harbinger of significant challenges ahead for a sector in which many companies are already confronting profitability and growth challenges. This analysis is based on a careful review of U.S. property/casualty insurance industry financial results as reported by A. M. Best Company in early 2012. This Ceres report examines how extreme weather trends may be a harbinger of significant challenges ahead for a sector in which many companies are already confronting profitability and growth challenges. This analysis is based on a careful review of U.S. property/casualty insurance industry financial results as reported by A. M. Best Company in early 2012.

]]> No publisher Brian Sant 2012-09-20T14:35:00Z Resource Sustainable Extraction? An Analysis of SEC Disclosure by Major Oil & Gas Companies on Climate Risk and Deepwater Drilling Risk http://www.ceres.org/resources/reports/sustainable-extraction-an-analysis-of-sec-disclosure-by-major-oil-gas-companies-on-climate-risk-and-deepwater-drilling-risk Disclosure of material business risk is a core underpinning of the modern global economy’s health. A new report says that investors aren’t getting a clear picture from companies of just how deep the material risks are. This report, based on annual financial filings submitted in Q1 2011 by 10 of the world’s largest oil and gas companies, finds that companies making extensive capital investments related to climate change and deepwater drilling are failing to adequately disclose their substantial material risks in areas such as new regulations, adverse environmental impacts and water availability constraints.

Investors are looking for substantial improvement in these disclosures. The SEC’s guidance for disclosure does not yet require complete, and therefore completely accurate, assessment of companies’ climate or deepwater drilling performance or risks. This report contains detailed recommendations for improving both disclosure and performance.

]]> No publisher Megan Doherty 2012-08-02T11:55:00Z Resource Global Investor Survey on Climate Change Report 2011 http://www.ceres.org/resources/reports/global-investor-survey-on-climate-change This report provides the results of the second global survey of investment practices coordinated by the three investor networks on climate change – the IIGCC, based in Europe, INCR, based in North America and the Australia/New Zealand IGCC. The report provides an overview of the leading investment practices around the world on climate change and analyses the drivers for those practices. Institutional investors are becoming increasingly concerned that climate change poses a serious challenge to their investments. Despite growing evidence produced by climate science, global emissions continue to increase, and national and international policy responses remain inconsistent. Thus, the urgency of action by investors, companies and policymakers on climate change continues to grow.

This report provides the results of the second global survey of investment practices coordinated by the three investor networks on climate change – the IIGCC, based in Europe, INCR, based in North America and the Australia/New Zealand IGCC. The report provides an overview of the leading investment practices around the world on climate change and analyses the drivers for those practices.

]]> No publisher Megan Doherty 2012-07-25T13:15:00Z Resource Clearing the Waters: A Review of Corporate Water Risk Disclosure in SEC Filings http://www.ceres.org/resources/reports/clearing-the-waters-a-review-of-corporate-water-risk-disclosure-in-sec-filings New Sector Analysis added: Ceres has added sector-by-sector analyses for each of the eight sectors reviewed in this report. Download this new version. This report finds that though overall corporate disclosures of water-related risks in financial filings have increased since 2009, much reporting remains weak and inconsistent especially in regard to data on overall water use, financial exposure and potential supply chain risks. New Sector Analysis added: Ceres has added sector-by-sector analyses for each of the eight sectors reviewed in this report. Download this new version.

The global economy depends on water resources to feed growing populations, generate electricity, fuel industrial processes or transport goods. Climate impacts further exacerbate water risks by increasing variability in precipitation patterns and the occurrence and severity of extreme weather events. This report finds that though overall corporate disclosures of water-related risks in financial filings have increased since 2009, much reporting remains weak and inconsistent especially in regard to data on overall water use, financial exposure and potential supply chain risks.

In September 2012, Ceres added sector-by-sector analyses for each of the eight sectors highlighted in the report. These new sections provide a detailed snapshot of water-related physical, regulatory, reputational, and litigation risk disclosure in SEC filings. Additionally, the analyses highlight examples of water management responses that were also disclosed in SEC filings. Each section includes examples of what these disclosures look like as well as analysis of trends and changes since 2009.

]]> No publisher Megan Doherty 2012-06-18T13:45:00Z Resource Physical Risks from Climate Change: A guide for companies and investors on disclosure and management of climate impacts http://www.ceres.org/resources/reports/physical-risks-from-climate-change The year 2011 set records for economic losses and insured losses caused by natural catastrophes, with extreme weather events accounting for 90 percent of the disasters and eight of the 10 most costly, resulting in overall losses of more than $148 billion and insured losses of more than $55 billion. Climate change is predicted to increase these trends. Climate change has already started to cause a wide range of physical effects— with serious implications for investors and businesses. While weather variability and extremes have always existed, the science shows that extreme weather events are becoming more frequent and intense, that incremental climatic changes are already underway, and that the impacts of climate change are expected to grow more severe over the coming years and decades.

The year 2011 set records for economic losses and insured losses caused by natural catastrophes, with extreme weather events accounting for 90 percent of the disasters and eight of the 10 most costly, resulting in overall losses of more than $148 billion and insured losses of more than $55 billion. Climate change is predicted to increase these trends.

]]> No publisher Brian Sant 2012-05-31T07:00:00Z Resource Investor Risks from Oil Shale Development http://www.ceres.org/resources/reports/investor-risks-from-oil-shale-development May 2012 - The Department of the Interior’s Bureau of Land Management (BLM) recently proposed limiting federal leases for development of oil shale to Research, Development, and Demonstration (RD&D) leases instead of commercial leases. Given the many risks surrounding oil shale development, including technological uncertainties, regulatory risks, and water constraints, BLM’s proposed RD&D approach makes sense. Investors should be similarly cautious in evaluating future investment in this technology. May 2012 - The Department of the Interior’s Bureau of Land Management (BLM) recently proposed limiting federal leases for development of oil shale to Research, Development, and Demonstration (RD&D) leases instead of commercial leases. Given the many risks surrounding oil shale development, including technological uncertainties, regulatory risks, and water constraints, BLM’s proposed RD&D approach makes sense. Investors should be similarly cautious in evaluating future investment in this technology.

]]> No publisher Megan Doherty 2012-05-30T13:15:00Z Resource The Road to 2020: Corporate Progress on the Ceres Roadmap for Sustainability http://www.ceres.org/resources/reports/the-road-to-2020-corporate-progress-on-the-ceres-roadmap-for-sustainability The Road to 2020: Corporate Progress on The Ceres Roadmap for Sustainability (www.ceres.org/roadto2020) assesses how U.S. businesses are progressing on sustainability and uses as a framework, The 21st Century Corporation: The Ceres Roadmap for Sustainability—a guide for integrating sustainability across a company’s entire enterprise. Specifically, it evaluates where 600 large publicly traded companies stand on sustainability issues in terms of governance, stakeholder engagement, disclosure and performance. The Road to 2020: Corporate Progress on The Ceres Roadmap for Sustainability (www.ceres.org/ceresroadmap) assesses how U.S. businesses are progressing on sustainability and uses as a framework, The 21st Century Corporation: The Ceres Roadmap for Sustainability—a guide for integrating sustainability across a company’s entire enterprise. Specifically, it evaluates where 600 large publicly traded companies stand on sustainability issues in terms of governance, stakeholder engagement, disclosure and performance.

]]> No publisher Brian Sant 2012-04-25T10:40:00Z Resource Institutional Investors' Expectations of Corporate Climate Risk Management http://www.ceres.org/resources/reports/institutional-investors-expectations-of-corporate-climate-risk-management January 2012 - This report indicates the key climate change-related practices that investors expect companies to undertake based on our understanding of best practice management of climate change risks and opportunities. It also outlines the actions that investors are prepared to undertake on this topic. January 2012 - This report indicates the key climate change-related practices that investors expect companies to undertake based on our understanding of best practice management of climate change risks and opportunities. It also outlines the actions that investors are prepared to undertake on this topic.

]]> No publisher Brian Sant 2012-01-11T14:50:00Z Resource Benchmarking Electric Utility Energy Efficiency Portfolios in the U.S. http://www.ceres.org/resources/reports/benchmarking-electric-utilities-2011 The goal of this report is to highlight the importance—and the challenges—of benchmarking electric utility energy efficiency portfolios, and to initiate a benchmarking process that will continue to evolve over time. Benchmarking allows for direct comparison of spending and energy savings across electric utility energy efficiency portfolios. This report discusses the difficulties involved in benchmarking energy efficiency portfolios, evaluates and recommends a suite of metrics, and demonstrates these metrics using a diverse set of electric utilities. The goal of this report is to highlight the importance—and the challenges—of benchmarking electric utility energy efficiency portfolios, and to initiate a benchmarking process that will continue to evolve over time. Benchmarking allows for direct comparison of spending and energy savings across electric utility energy efficiency portfolios. This report discusses the difficulties involved in benchmarking energy efficiency portfolios, evaluates and recommends a suite of metrics, and demonstrates these metrics using a diverse set of electric utilities.

]]> No publisher Brian Sant 2011-11-10T12:55:00Z Resource The Ceres Aqua Gauge: A Framework for 21st Century Water Risk Management http://www.ceres.org/resources/reports/aqua-gauge October 2011 - This report introduces experts and newcomers alike to the Ceres Aqua Gauge™, a new framework for assessing corporate management of water risk. The report provides a broad overview of how competing freshwater demands and limits to supply are beginning to affect corporate financial performance in a range of industrial sectors. The report also identifies trends in corporate and investor responses to emerging water issues — and explains how investors can identify holdings in their portfolios more likely to be exposed to water-related risks. October 2011 - This report introduces experts and newcomers alike to the Ceres Aqua Gauge™, a new framework for assessing corporate management of water risk. The report provides a broad overview of how competing freshwater demands and limits to supply are beginning to affect corporate financial performance in a range of industrial sectors. The report also identifies trends in corporate and investor responses to emerging water issues — and explains how investors can identify holdings in their portfolios more likely to be exposed to water-related risks.

]]> No publisher Brian Sant 2011-10-18T07:00:00Z Resource