Nu da bæredygtig investering hurtigt er ved at blive mainstream, har Schroders erfaring lært dem tre værdifulde lektioner, skriver Schroders i en ny artikel.
Idéen om, at en profitbringende virksomhed kan forfølges uanset dens påvirkning af mennesker eller miljø, er blevet så robust udfordret, at det nu virker forældet. Vores kapitalistiske økonomi skifter forsigtigt fra kommerciel til bevidst.
Schroder skriver, at de som forvaltere af deres kunders kapital er nødt til at fortolke dette vendepunkt og de muligheder og risici, det udgør for virksomheder. Hvordan vi gør dette er afgørende i vores vurdering af fremtidig værdiskabelse.
Den “hemmelige sauce” ved bæredygtig investering ligger ikke i et output, men dets fortolkning. De grå nuancer omkring vanskelige tilfælde, hvor en enkelt score eller et tal simpelthen ikke er tilstrækkeligt.
Hertil skriver de:
“[…] [T]hree crucial lessons about sustainable investing from our experiences over the past three years. These are:
- 1) sustainable investing can absolutely extend beyond best-in-class companies;
- 2) the environment is an important factor but not the only factor to consider in ESG investing; and
- 3) that we can (and must) use our position as stewards of capital to enact change.”
“ESG is about more than the E”
“Another area of the sustainability debate where we feel our tools give us an investment edge is around the balance of the E, the S and the G of environmental, social and governance.
It is no surprise that the more measurable and visible topic of the environment tends to dominate sustainability conversations both in markets and around dinner tables. However, we maintain a rounded investment approach that takes into account social and governance factors. This prevents one topic from trumping another and enables a focus on what is most relevant to a particular company.
We would not assume that a strongly-governed or socially-aware company must therefore have a positive environmental footprint. And similarly we must not fall foul of thinking that a company with a positive environmental footprint would automatically excel in its social or governance practices.”
“Engagement drives change”
“Another area in which we feel we can add value for our companies and our clients is our ability to enact change through engagement. There is plenty more work for us to do here.
We can harness the granular output of our sustainability tools to form the basis of truly targeted engagements with companies. These could address a range of topics, from corporate strategy and remuneration to climate change and human capital management, as well as reactions to controversies.
An example of this would be Volkswagen, the German car manufacturer that succumbed to a governance crisis in 2015. This emerged as the “dieselgate” scandal, which unearthed a host of unsustainable practices throughout the company.
The road back for Volkswagen has been long and challenging, but the point of maximum pain can be the point of maximum change. Our analyst team has been closely monitoring progress and engaging at each stage of Volkswagen’s journey to encourage positive change and help enable the transition from past risks to future opportunities.”
Læs mere her:
https://www.schroders.com/en/us/institutional/insights/equities/three-lessons-from-three-years-of-sustainable-investing-in-europe/
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