Events

UNEP FI 2003 Global Roundtable

Sustaining Value: A Meeting on Finance and Sustainability

20-21 October, 2003 | Tokyo, Japan

Agenda: Blowouts, Shareholder Activism and Pension Funds: SRI in 2003

Above (left to right): Mary-Jane Mcquillen, Barbara Krumsiek, Vincent Zeller, Takeshi Iwasaka, and Gianluca Manca

Discussion Summary

This session was chaired by Gianluca Manca, Global SRI Equity Fund Manager of Sanpaolo IMI Asset Management.

In the discussion, participants posed several questions, including on: the difficulty of introducing SRI in pension fund management; distinguishing greenwashing companies; why institutional investors are not adequately investing in SRI; and responses to companies that do not meet SRI criteria. On greenwashing, panelists noted that sustainability and citizen reports were not sufficient for evaluating companies and stressed the need to address issues regarding culture, commitment, management and activities. On investing in SRI, one panelist highlighted the value of mixing criteria, while another noted skepticism and pre-conceived notions of SRI within the industry. On responses to companies, one panelist said that divesting severs the opportunity to communicate and that it is used as a last resort.

Speakers

Moderator
Mr. Gianluca Manca, Global SRI Equity Fund Manager, Sanpaolo IMI Asset Management

Welcome
Mr. Takeshi Iwasaka, Senior Manager, Securities Investment Dept., Nipponkoa Insurance Co., Ltd.
Presentation (PDF: 100 KB)

The Materiality Of Environmental And Social Information
Mr. Vincent Zeller, Chief Investment Officer and member of Managing Board of GROUPAMA Asset Management; Co-chair of UNEP FI Asset Management Working Group
Presentation (PDF: 1.3 MB)

Are Social Criteria Predictive Of Corporate Share Price Collapse (Due To Corporate Governance Failures?)
Ms. Barbara Krumsiek, President and CEO, Calvert Group
Presentation (PDF: 1.8 MB)

The Shifting Paradigm of Shareholder Engagement in the U.S. and the Impact on Corporate Behavior
Ms. Mary Jane McQuillen, Director of Social Research, Social Awareness Investment, Citigroup Asset Management

Speaker Biographies

Gianluca Manca, Global SRI Equity Fund Manager, Sanpaolo IMI Asset Management

Mr. Manca works in SanPaolo IMI Asset Management SGR:
SanPaolo IMI Asset Management SGR is an Italian firm dealing in asset management products with 115 billion Euro a.u.m.. Sanpaolo Imi Asset Management is part of the Banca Sanpaolo Imi group.

Sanpaolo IMI has been the first player to offer Social Responsible Mutual Funds in Italy. Back in June 1997, the Group launched the "Ethical System" (Sistema Etico) composed of three funds: SP Ethical International Equity Fund (Fondo Sanpaolo Azionario Internazionale Etico), SP Ethical Bond Fund (Fondo Sanpaolo Obbligazionario Etico) and SP Ethical Bond International Fund (Sanpaolo Obbligazionario Estero Etico).

Sanpaolo IMI has a leading position in the Italian market managing 1 billion Euro SRI asset.

In 1999 Mr. Manca was assigned to the Europe Fund (at that time a $3 billion fund) and Azionario Internazionale Etico ($1.5 billion). In the year 2000 he undertook the direct responsibility of the following areas: Scandinavia, Germany, Switzerland and Great Britain while continuing to follow the small caps portfolios of the previously mentioned funds. In January 2001 he received direct responsibility of the European Portfolio of the Azionario Internazionale Etico Fund ($300 mil portfolio). Today Mr. Manca is responsible for San Paolo's entire Azionario Internazionale Etico Fund ($500 mil)


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Takeshi Iwasaka, Senior Manager, Securities Investment Dept., Nipponkoa Insurance Co., Ltd.

1980 Koa Fire and Marine Insurance, 1987 Investment Dept., Fund manager, global equity and global bond,
1989-91 New York Representative (Investment US security and real estate),
1995-98 London Representative (Managing Director, Subsidiary Investment management company), Security investment planning,
2001 Senior Manager

BA from Sophia University,
Chartered Member of the Security Analysts Association of Japan,
Certified International Investment Analysts,
Advisory Specialist for Consumer Affairs,
Member of Japan Risk Management Society

Literary work - Contemporary Finance Services Guide, (Hakuto-Shobo Publishing 2003)

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Vincent Zeller, Chief Investment Officer and member of Managing Board of GROUPAMA Asset Management

Mr Zeller's career began in 1977 at the Crédit Lyonnais as operational research engineer, then as Bond Portfolio Manager. Finally, he became Head of the Bond Asset Management Division.

From 1989 to 1999, he was Deputy General Manager and then General Manager of CPR Gestion.

In 2000, he joined GROUPAMA Asset Management as Head of Fund Management.

Mr. Zeller graduated from the ENSAE (Ecole Nationale de la Statistique et de l'Administration Economique) and holds a DEA (Diploma) in Statistics (data analysis) from Paris University. Mr Zeller is a Member of the French Institute of Actuaries.

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Barbara Krumsiek, President, Chief Executive Officer and Co-Chairperson, Calvert Group, Ltd.

Barbara J. Krumsiek is President and CEO of Calvert, the nation's largest family of socially responsible mutual funds. Calvert manages over $9.0 billion among both screened and non-screened portfolios. In 2002, Barron's ranked Calvert the eighth best performing mutual fund family for five years.

Ms Krumsiek often addresses international audiences on topics such as sustainability, social investing, and governance. In 2001, she represented Calvert as a founding member of ASrIA, an organization whose mission is to promote social investing throughout Asia's capital markets. Ms. Krumsiek is a member of the Advisory Counsel to the United Nations Global Compact, an initiative of the UN Secretary General designed to promote responsible corporate citizenship within the international business community.

Ms. Krumsiek has over 29 years of experience in the financial services industry. Before joining Calvert in 1997, she spent 23 years with Alliance Capital Management, LP where she served as Senior Vice President and Managing Director for the mutual funds division.

Graduating Phi Beta Kappa with honors from Douglass College, Rutgers University, she received a bachelor's degree in mathematics. She received her masters degree in mathematics from the Courant Institute of Mathematical Sciences, New York University. Ms. Krumsiek was awarded the Degree of Doctor of Humane Letters, Honoris Causa, by Georgetown University in May 2002, citing her work in advancing the critical dialogue regarding the role of business in society.

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Mary Jane McQuillen, Director of Social Research, Social Awareness Investment, Citigroup Asset Management

Mary Jane McQuillen is the Director of Social Research for Citigroup Asset Management. In this capacity, she conducts proprietary research on socio-cultural issues and trends to stock selection for social investment portfolios. In addition, she leads the social and environmental research efforts on individual companies across sectors.

Mary Jane has been with Citigroup Asset Management since 1996. As part of stakeholder engagement, Mary Jane participates with other U.S. social investment firms in shareholder dialogue with companies, addressing managements' responsiveness to societal trends and headline issues that are impacting their industries. She also implements the Social Awareness Investment proxy voting policy within the division.

Mary Jane is Co-Chair of the Social Investment Security Analysts (SISA) committee, an affiliate group of the New York Society of Security Analysts (NYSSA). The SISA committee is composed of investment professionals collaborating to increase awareness of social investment strategies and advance the level of dialogue in valuing progressive corporate practices.

Mary Jane has been a guest lecturer at Columbia University's School of Business and School of International and Public Affairs. She is a member of the Business Council for Peace, a program of the Global Peace Initiative of Women.

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