NO SMALL CHANGE
Pension Funds and Corporate Engagement
In No Small Change, Tessa Hebb examines the ability of pension funds, now the largest single driver of financial markets around the world, to use their ownership position to change corporate practices for the sake of the bottom line and, perhaps, change the world for the better in the process.
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This initiative will engage stakeholders on institutional investors’ corporate engagement and responsible investing polices and practices. The initiative is funded by the Government of Canada’s Social Science and Humanities Research Council and Carleton University, Ottawa, Canada.
Dr. Tessa Hebb leads the team of researchers on this initiative.
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Responsible Investing Initiative CURA New Web Portal |
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The Responsible Investing Initiative Community University Research Alliance working with partners around the world on key responsible investing issues are pleased to provide access to our new pages on the project, which can be accessed here. Please check back regularly to see new research as it progresses! |
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Call for papers
PRI-CBERN 5th Annual Academic Conference
The conference will be held at Schulich Business School in Toronto on October 1-3, 2012. As with previous years, the conference will be coordinated with the Finance and Sustainability awards so that applicants need only apply one time to be considered for the conference and awards. Details about the conference are available on conference website and the application for the conference and awards is available here.
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Impact Investing Fund Established by RBC
The important work of the Canadian Task Force on Social Finance has gained traction through the creation of the RBC Impact Fund. The Royal Bank of Canada’s $10 million capital fund and further $10 million for investment in SRI funds will provide the necessary funding for groups that focus on social or environmental issues and engage in activities that are intended to generate a financial return. In partnership with Task Force members Ilse Treurnicht, Task Force Chair and CEO of MaRS Discovery District, Tim Brodhead, Former President and CEO of The J.W. McConnell Family Foundation, Sam Duboc, Chairman of Pathways to Education Canada and Founder of Edgestone Capital Partners, Stanley Hartt, Chairman of Macquarie Capital Markets Canada. Tim Jackson, CEO Accelerator Centre, Rt. Hon. Paul Martin, Former Prime Minister and Minister of Finance and Founder of Cape Fund, Nancy Neamtan, President and Executive Director of The Chantier de l’économie sociale, Reeta Roy, President and CEO of The MasterCard Foundation, Tamara Vrooman, CEO of Vancity Credit Union and Bill Young, President of Social Capital Partners, 3ci participated in the research and contributed to the Task Force’s report and recommendations.
Please click here to access the related article by Tara Perkins in the Globe and Mail, and here to view the blog by Adam Spence at SocialFinance.ca
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2011 PRI-Mistra Academic Conference
Tessa Hebb and three 3ci graduate students, Heather Hachigian, Gabriel Huppe and Hugues Letourneau present 4 new papers on responsible investing at the Annual Principles for Responsible Investing Academic Network Conference held September 26th to 28th in Sigtuna, Stockholm. 3ci had the single largest contingent of students at the conference, marking the important role that graduate students play in our research. Abstracts and presentations are available.
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(Photos courtesy Hugues Letourneau)
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Shareholder Engagement in the Extractive Sector
(Rupert Allan, Hugues Letourneau, and Tessa Hebb) a new 3ci research paper was presented at the Socially Responsible Investment (SRI) and Canadian Extractive Industries symposium hosted by the University of British Columbia and CBERN on September 10-11th 2011. The symposium brought together a dozen speakers from the legal, investment, NGO, academic and industry communities to discuss a range of legal, policy and financial issues concerning how investors attempt to influence the social and environmental performance of extractive industries and to consider potential reforms. For paper abstract click here. For presentation click here.
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Just released:
The Next Generation of Responsible Investing:
Tessa Hebb editor and contributor. Responsible investing provides a long-term sustainable investment strategy that values environmental, social and governance (ESG) factors in investment decision-making. The Next Generation of Responsible Investment explores this topic in an edited volume intended for those with an interest in finance and business. Click here for more
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Call for papers:
Socially Responsible Investing in the 21st Century: Does it Make a Difference for Society:
This volume co-edited by Tessa Hebb and Celine Louche will investigate the question of whether or not SRI makes a difference, whether or not SRI generates positive societal and environmental results, whether or not SRI has the capacity and ability to participate to a change towards sustainable development. Click here for the full Call for Papers
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Save the Date:
The Principles for Responsible Investing Academic Network will once again hold its annual conference in Canada. After two years in Europe, the PRI Academic network will return to Canada in 2012 for its annual conference, October 1st to 3rd 2012 at York University, Toronto. Co-hosted by CBERN with assistance from the Responsible Investing Initiative, the 2012 conference promises to be bigger than ever! The Responsible Investing Initiative will use this opportunity to bring together all its research partners for a half-day symposium featuring the new research we have carried out over this year.
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New paper Abstracts and Presentations Available
New Finance for America’s Cities
This paper explores US public sector pension funds investment in urban revitalization.
Shareholder Engagement in the Extractive Sector
Text: This paper examines the impact of corporate engagement in the extractive sector through a case study of NEI and Barrick Gold.
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Carleton Centre for Community Innovation receives $1-million SSHRC Grant for Responsible Investing Research
(Ottawa, May 25, 2011) − The Carleton Centre for Community Innovation (3ci) at Carleton University has received a five-year, $1-million Community University Research Alliance Grant from the Social Sciences and Humanities Research Council (SSHRC) to investigate responsible investing in Canada and around the world.
Building on a previous three-year Knowledge Impact in Society Grant, the Carleton Centre for Community Innovation is fast becoming one of the world’s centres of excellence in advancing our understanding of responsible investing and shareholder impacts on the environmental, social and governance standards of companies. Please click here for more...
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Earthscan Announces the Launch of the
Journal of Sustainable Finance & Investment
In response to the growing need among scholars, policy-makers and investment practitioners, Earthscan has launched the Journal of Sustainable Finance and Investment. The first of its kind, the journal provides for a broad debate on the meanings of investing and sustainability and how these might be played out in the financial markets. |
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This issue includes an article by 3ci Researchers Gabriel Huppé and Tessa Hebb, The virtue of CalPERS' Emerging Equity Markets Principles.
For more information on the journal, on free online access and reduced subscription rates, please click here.
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Editorial Board Appointment
Tessa Hebb has been appointed to the editorial board of the Journal of Sustainable Finance and Investment. Click here for the latest edition www.earthscan.co.uk/journals/jsfi
For information on the journal, please click here.
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New! On-Line Tool Catalogue for Responsible Investing
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Measuring the Impact of Engagement in Canada
Tessa Hebb, Heather Hachigian, Rupert Allen
This paper argues that corporate engagement has the potential to produce a positive change in company behaviour. It asks what leads to successful outcomes in engagement? We seek to quantify any observed positive change in corporate ESG standards that result from engagement. The paper extends the literature on stakeholder engagement. We use three case studies of engagements between institutional investors and companies in Canada over the past five years (CPPIB, SHARE and Northwest Ethical Funds). We examine the outcomes of each engagement from the perspectives of the investor. We also consider the short term impacts and long term changes in corporate behaviour that resulted from engagement.
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New! PRI - RI Digest
Your digested reviews of the latest academic research on responsible investment
Click here for the latest RI Digest! The monthly digest is published by the PRI Academic Network to increase knowledge about responsible investment practices and opportunities. The aim of the RI Digest is to provide PRI signatories and PRI Academic Network members with a condensed and practitioner-oriented review of the latest academic literature.
The monthly review will be distributed to all PRI signatories and published on the PRI Academic Network website where members can comment and discuss the findings. This inaugural RI Digest features two full reviews of academic papers. Subsequent RI Digests will feature two full reviews of academic papers plus two further short synopses of academic literature.
The RI Digest is a collaboration between an academic researcher who selects the articles, and a professional journalist who writes the reviews. Andreas Hoepner is Lecturer in banking & finance at the University of St. Andrews and has several years of research experience on responsible investment literature. Robert Kropp is a freelance journalist who writes on topics of sustainability, environment, and corporate social responsibility.
Suggestions of articles to be covered in the RI Digest are welcome and can be emailed to the RI Digest team, who will also be happy to answer any questions. Emails can be sent to RI.Digest@unpri.org.
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PRI Academic Conference 2009 The Next Generation of Responsible Investing
Oct. 1/2, 2009, Carleton University, Ottawa, Ontario, Canada
Responsible Investing has always had a broad mandate. Put simply, it is a long-term sustainable investment strategy that values environmental, social and governance factors in investment decision-making. To date much of that activity has taken place in the public equities portfolios of PRI signatories. Increasingly there is an interest in extending Responsible Investing to other asset classes including real estate, private equity, infrastructure, and fixed income. Responsible Investing in these alternative assets include both developed and emerging markets. In these asset classes Responsible Investing often takes on a proactive form, with investors seeking out investment opportunities that offer both strong financial performance and positive ancillary benefits. Such environmental, social and governance impacts are not only valued in and of themselves, but are also seen as ways to generate Alpha in investment portfolios. The conference examined this “Next Generation of Responsible Investing” and its implications for PRI signatories.
A special themed issue of the Journal of Business Ethics (JoBE) will publish the best qualitative papers on Responsible Investing presented at the conference.
Please click here for conference papers, proceeding and PowerPoints.
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New Report on Responsible Property Investing and Property Management
Responsible Property Investing and Property Management: Exploring the Impacts of Good Labour Practices on Property Performance
A Research Collaboration from the Shareholder Association for Research and Education (SHARE) , the Responsible Property Investing Centre (RPIC), and the Carleton Centre for Community Innovation (3ci).
This research paper looks at the impacts of labour practices in commercial property management on overall property performance. The paper profiles a number of case studies to help property investors, companies and managers develop an understanding of best practices in the commercial property sector, examine the benefits that others have derived from adhering to high labour standards, and generally identify opportunities and barriers associated with explicit incorporation of labour standards into investment practice. The purpose of this project is to examine the business case for good labour practices in commercial property management. The research and case studies will allow real estate investors, companies and property managers to better assess the role that strong employment policies and programs can play in the fulfillment of their fiduciary duties. |
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New Publication: A Field Guide to Responsible Capital for Institutional Investors of Specialized Private Equity, Venture Capital and Real Estate Fund
By Thomas Croft, SVA/Heartland Network.
A Field Guide to Responsible Capital makes the case that there is a more prudent investment path than these "short-term" speculation practices that have shaken the financial markets. The purpose of this Guide is to illustrate, through investment fund profiles and case studies, how the responsible investment of retirement and savings assets, such as savings, pensions and other trusts can be targeted to generate positive social, economic and environmental benefits, along with financial returns.
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