1. business and industrial

The Measurement and Valuation
of Corporate Sustainability –
does it all add up?
How to put hard numbers on sustainability risk –
and quantify opportunity
29th-30th June 2015 | Inmarsat Conference Centre, London
www.innovation-forum.co.uk/sustainability-measurement-and-valuation
 How large companies measure – and value –
Hear from these leading experts:
sustainability progress? Hear from leading firms on how they
prioritise measurement and decide how to value key parts of their
sustainability practices.
 Strengthen the business case for corporate responsibility
and sustainability internally. Hear frank views from leading
companies, critical experts and the stakeholders who influence.
 What do investors want from sustainability strategy
in large companies? Hear from leading financial institutions
on what they think adds value, and why.
 Understand the potential of putting numbers on CR
and sustainability practices. Hear from experts on the positives
and negatives of differing forms of sustainability value assessments.
 Risk management. How mainstream investors use valuation
Saker Nusseibeh, CEO,
Hermes Investment
Management
Sandy Stash, group vice
president safety, sustainability
and external affairs,
Tullow Oil
Simon Morris,
chief adviser external affairs,
Rio Tinto
 The government view. How the UK government and the European
Paul O’Connor, executive
director global environmental
and social risk management,
JP Morgan
Three things you will get from this conference:
Bozena Jankowska,
co-head of ESG,
Allianz Global Investors
information to evaluate corporate risk. Find out how this is evolving.
commission are going to incentivise progress and progressive practice
in 2015 and beyond.
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Engagement – with senior representatives from a multitude
of differing backgrounds including leading companies, investors,
academic experts, NGOs and government.
Richard Ellis, vice president
corporate social responsibility,
Walgreens Boots Alliance
Understanding – how investors and companies can communicate
using common standards and how to link sustainability with the
business case.
Mike Barry, director, Plan A,
Marks & Spencer
Opportunity – to hear from companies about their experiences
and off the record challenges in putting a value on corporate
sustainability.
John Sauven,
executive director,
Greenpeace UK
LEAD SPONSOR:
CO-SPONSOR:
Steven Lang,
partner, cleantech and
sustainability services,
EY
Cindy Rose, head of research
responsible investing
Aberdeen Asset Management
Conference FAQs:
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Who will be in
the room?
The conference is designed to bring
together large companies and financial
institutions. Attending will be 150 senior
professionals from large corporations
who work in corporate responsibility and
sustainability, along with leading financial
institutions and research experts. We’re
actively restricting the number of service
providers to ensure a minimum of 80%
of attendees are corporate practitioners
to ensure the conference delivers
maximum value.
Is it just another talking
shop? Will there by
outcomes?
Why will this event
be different from
others?
The conference has been specifically
designed to focus on how companies
can map, and investors can understand,
sustainability measurement in detail.
By bringing together an intimate group
of corporate practitioners and finance
professionals, the conference provides
a strong platform for debate. The forum
will provide, in clear and simple terms,
valuable insight that can be implemented
from the first day back in the office.
Innovation Forum has a clear philosophy
– focused events, senior participants
and candid dialogue following Chatham
House rules. By bringing together highly
experienced practitioners around such a
focused topic, we are able to get to the
core of the challenges and opportunities
for companies in this space. The agenda
is designed to be interactive and engaging
so the issues discussed are those that
matter to you and your peers.
Speakers include:
• Sandy Stash, group vice
president, safety, sustainability
and external affairs, Tullow Oil
• Saker Nusseibeh, CEO,
Hermes Investment
Management
• Simon Morris, chief adviser,
external affairs, Rio Tinto
• Paul O’Connor, executive
director, global environmental
and social risk management,
JP Morgan
• Şükran Çağlayan Mumcu,
social advisor, European
Bank for Reconstruction
and Development
• John Sauven, executive director,
Greenpeace UK
• Alex Edmans, profetssor of
finance, The Warton School
and London Business School
• Richard Ellis, vice president,
corporate social responsibility,
Walgreens Boots Alliance
• Ladislas Smia, deputy head, SRI
research, Mirova – Natixis Asset
Management
• Jean-Philippe Desmartin, senior
analyst, head of ESG research,
Oddo Securities
• Dr Andreas G F Hoepner,
associate professor of finance,
director of enterprise, ICMA
centre, Henley Business School
• Howard Covington, founder,
New Star Asset Management
• Richard Mattison, CEO,
Trucost
• Mike Barry, director, Plan A,
Marks & Spencer
• Lauren Smart, executive
director, Trucost
• Will Oulton, global head
of responsible investment,
First State Investments
• Steven Lang, partner, cleantech
and sustainability services, EY
• Robert Adamczyk,
principal environmental
adviser, European Bank
for Reconstruction and
Development
• Jeremy Nicholls, CEO,
SROI Network and Social
Impact Analysts Association
• Nick Barter, deputy director,
natural capital committee
secretariat, Defra
• Cindy Rose, head of research,
responsible investing,
Aberdeen Asset Management
• Bozena Jankowska, co-head of
ESG, Allianz Global Investors
• Maurizio Zollo, professor
in corporate strategy and
sustainability, Bocconi
University, visiting professor,
Sloan School of Management,
MIT
• Dr Dorothy Maxwell, author
Valuing Natural Capital – Future
Proofing Business & Finance,
and director, GVSS
• Dr Ioannis Oikonomou,
lecturer in finance,
Henley Business School
• Prof Nigel Roome,
governance, corporate
responsibility and
sustainable development,
Vlerick Business School
• Rachel Wilshaw,
ethical trade manager,
private sector team,
Oxfam
• Mike Tyrrell, editor,
SRI-Connect
• Stuart Poore, director of
corporate sustainability,
WWF
• Kirsty Collins, former
investor relations director,
GlaxoSmithKline
• James Magness,
investor research,
CDP
• Simon Dettling, adviser,
financial systems development,
GiZ
Agenda Day One: June 29th
9.30 Opening remarks:
The hard questions about putting
value on sustainability
• Focused debate
• Senior participants
• Candid dialogue
Steven Lang, partner, cleantech and sustainability services, EY
9.45-10.00
How UK business can contribute to managing
“natural wealth” sustainably
We will ask Nick Barter to make some comments about what
the natural capital committee and the UK’s Department for
Environment, Food and Rural Affairs (DEFRA) have been doing to
encourage organisations to account better for the impacts they
have on the natural environment.
Nick Barter, deputy director, natural capital committee
secretariat, DEFRA
10.00 Interactive discussion panel:
The sustainable value conundrum – do we really
understand the use potential and value of what
we measure today?
From environmental profit and loss accounting, to accounting
for sustainability, to social and economic impact assessments,
measurements with extrapolations to demonstrate value –
positive and negative – have grown exponentially in recent years.
Which of these are compelling to leading commentators and
experts, particularly given, as one expert puts it “there’s a 30%
margin of error on measuring a tonne of carbon”?
Some of the questions for debate:
• Can we connect investors and corporations through a
single sustainability language or measurement – and is this
monetary, taking into account natural/social capital valuation?
11.00 Networking break
11.30
Sectoral approaches to measuring and
valuing sustainable and responsible business –
Tullow Oil and Marks & Spencer
A consistent challenge Tullow Oil faces is impact measurement.
Directly linking social investments to factors that generate
business value has emerged as a new model. We will ask Sandy
Stash to talk about how Tullow links the economic, societal
and business impacts of projects. She will also address how the
company decides which type of projects are most likely to create
shared value. A key area she will address is whether specific
selection criteria can be used to improve return on investment.
Sandy Stash, group vice president, safety, sustainability and
external affairs, Tullow Oil
Marks & Spencer reported a net benefit of £145m for its Plan A
sustainability programme in 2013/14. That takes the cumulative
total to £465m since 2007. The company calculates these
numbers by looking at Plan A in granular detail, breaking it
down to every level of activity it does under the Plan A banner
and calculating the costs and the financial benefits. Mike Barry
will explore the practical challenges of setting goals both on an
issue specific as well as corporate level. He’ll discuss measuring
progress, capturing business value and developing common goals
with other businesses.
Mike Barry, director, Plan A, Marks & Spencer
• What are we measuring natural and social capital for? What
are the safeguards needed to ensure it’s not just about selling
off nature but delivering overall long term value for all, linking
investors and companies?
Key questions for the speakers will include:
• How should we standardise the measurement language?
• What sort of resources need to be applied to gain useful results
– and over what timescale?
Richard Mattison, CEO, Trucost
Jeremy Nicholls, CEO, SROI Network and Social Impact
Analysts Association
Mike Barry, director, Plan A, Marks & Spencer
Facilitated by Dr Dorothy Maxwell, author of Valuing Natural
Capital – Future Proofing Business & Finance, and director
of GVSS
• What do they regard as key measures which represent value
and which are simply areas for evaluation?
• How do they use standardised and industry-specific tools and
measurements together?
• Communicating value internally and externally: how can
results be best used for effective value communication?
Commentary: Paul O’Connor, executive director, global
environmental and social risk management, JP Morgan
Agenda Day One: June 29th
1.00 Lunch
4.00 Networking break
2.30 Case studies:
How big business measures and values
sustainability – Rio Tinto, Walgreens Boots
Alliance and Interserve
4.30
Is there any empirical evidence that
portfolios of sustainable companies have
overall better returns?
For many companies, a challenge for different internal functions
is communicating effectively with each other. There is a lack
of common language on measuring and valuing business
sustainability across operations, finance, communications, and
others. Simon Morris from mining company Rio Tinto will reflect
on this – and how an extractives sector business can develop
credible value for sustainability so that it becomes a central
business metric.
Studies from Harvard and London Business School academics say
that sustainable companies can perform better. Critics say these
studies simply cherry pick companies and do not account for
enough variables. This session will analysis how current work in
this area is assessed, and whether this aligns with the techniques
others have been using or developing.
Simon Morris, chief adviser, external affairs, Rio Tinto
Richard Ellis from Walgreens Boots Alliance will discuss
how financial data relating to corporate responsibility and
sustainability takes it from being a slipstream to a mainstream
activity. Giving the business in general, and the finance function
in particular, access to non-financial data helps understanding
across the business. We will ask Richard to explain how data
capture is embedded into all elements of the WBA business
and how training has enabled a consistent approach in
collecting information. We will examine the importance
of external verification and how better information can
improve decision-making.
Richard Ellis, vice president, corporate social responsibility,
Walgreens Boots Alliance
Construction and support services multinational company
Interserve has been looking at geo spatial tools to provide
greater insight into its impacts. The company’s initial focus has
been on the mapping of natural capital and social value impacts.
We will ask Mat Roberts how Interserve’s work on greater spatial
reporting has enabled the creation of business and client value
from understanding the spatial relationships embedded in
corporate data. Interserve is “mapping” both its business impacts
and public data sets to see its impact in context. We will ask Mat
to explain what this means.
Mat Roberts, director of sustainability strategy, Interserve
Commentary by Steven Lang, partner, cleantech and
sustainability services, EY, and Stuart Poore,
director of corporate sustainability, WWF
Facilitated by Tobias Webb, founder, Innovation Forum
We will ask the crucial question: is human capital accounting
in a fit state to be any use to investors?
Alex Edmans, professor of finance, London Business School
Dr Ioannis Oikonomou, lecturer in finance, Henley Business School
Maurizio Zollo, professor in corporate strategy and sustainability,
Bocconi University, and visiting professor, Sloan School of
Management, MIT
Will Oulton, global head of responsible investment,
First State Investments
5.30
Reflection on the opening day’s sessions
In a moderated Q+A session, we’ll ask Saker Nusseibeh, head
of Hermes Investment Management – ESG specialists with $26bn
of assets under management – to reflect on what he’s taking away
from the opening day’s discussion and debate.
Saker Nusseibeh, CEO, Hermes Investment Management
6.00 Close of day one
Networking drinks
Agenda Day Two: 30th June
9.30
The latest thinking on putting value
on climate change
11.30 Financing case study:
How are development banks measuring
and driving sustainable outcomes?
To open the day, leading business finance expert Howard
Covington will assess the trends in how climate change is valued
and what this means for investors and business.
Depending on the proportion of lending to different sectors and
regions, the natural capital risk exposure of a financial institution
can differ significantly. For example, in Brazil the financial system
is significantly exposed to natural capital risk because the banks
and pension funds are heavily reliant on Brazil’s natural capital
asset base.
Howard Covington, founder, New Star Asset Management
10.00
Do campaigns by NGOs have too much influence
on the sustainability issues companies tackle?
Some investors and companies believe that NGO campaigning
can push companies in the wrong direction on material issues for
their business. In this session we will discuss whether this is the
case, and how companies should value reputational capital versus
tackling issues more material to shareholders.
Rachel Wilshaw, ethical trade manager, private sector team,
Oxfam GB
Cindy Rose, head of research, responsible investing,
Aberdeen Asset Management
Investors and credit analysts need better data and tools to
integrate natural capital risks into investment and financing
analysis in order to protect returns in the future. With the right
tools and analysis, however, capital can be directed towards
best-in-class companies which better manage their
environmental impacts.
In this moderated session, two senior representatives from the
European Bank for Reconstruction and Development will give
their perspective from inside a international finance institution
on sustainability measurement. They will present EBRD's
environmental and social policy, show how the bank measures
the impacts of projects and operations and ask how IFIs can make
a difference in measuring and promoting sustainability.
John Sauven, executive director, Greenpeace UK
Simon Dettling from GiZ will then analyse the challenges for
development banks in quantifying emerging market risks.
Dr Andreas G F Hoepner, associate professor of finance,
director of enterprise, ICMA centre, Henley Business School
Robert Adamczyk, senior environmental adviser,
11.00 Networking break
European Bank for Reconstruction and Development
Şükran Çağlayan Mumcu, social adviser,
European Bank for Reconstruction and Development
Simon Dettling, adviser, financial systems development, GiZ
Facilitated by Lauren Smart, executive director, Trucost
Agenda Day Two: 30th June
12.30 Lunch
1.45 What investors want to hear…
Many people claim to know “what investors want to hear”.
Few people actually ask them directly.
In this session, an experienced investor relations director and a
research editor will challenge an investment analyst on what
metrics are really used in sustainability valuation of companies.
A short overview of the various research projects globally
on investor-focussed metrics will be followed by practical
exploration of which metrics really matter to investors –
and should receive more corporate focus – and indentifying
those which can be deprioritised.
Investors:
Buy-side: Bozena Jankowska, co-head of ESG,
Allianz Global Investors
Sell-side analyst: Thomas Girard, financial analyst, Natixis
Challengers:
Kirsty Collins, former investor relations director, GlaxoSmithKline
Mike Tyrrell, editor, SRI-Connect
Corporate comment: Richard Ellis, vice president,
corporate social responsibility, Walgreens Boots Alliance
Sell-side: Jean-Philippe Desmartin, senior analyst,
head of ESG research, Oddo Securities
Buy-side: Ladislas Smia, deputy head, SRI research,
Mirova – Natixis Asset Management
Research provider: David Harris, director of ESG, FTSE
Moderator: Mike Tyrrell, editor, SRI-Connect
4.30 Sustainable valuation showcase:
How carbon and climate change information
can be used in stock valuation and investment
What happens to all of the carbon and climate change related
information that companies provide to research firms? Is it ever
used by investors? If so, how?
In this session, recent research will be presented by the authors
and then interrogated by the investors that actually use the
research. In turn, the audience will be given the opportunity to
ask the investors how they use data, how they use analysis and
how they use contextual information on climate change to
make investment decisions.
Presentation
James Magness, investor research, CDP
2.45 Networking break
Challengers
Bozena Jankowska, co-head of ESG, Allianz Global Investors
3.15 …and how investors want to hear it
The strongest message in the world will only have an impact
if it reaches its intended audience. Drawing on the real-life
communications experiences of companies, analysts and
investors will explain in this session how companies can take
their message to investors and what reception they should
expect. We will find out how interested investors can be
identified, targeted and reached using reports, new media
and direct meetings.
The vast majority of companies, analysts and investors favour
direct communications – such as webinars, face-to-face meetings
or conferences – over questionnaires and surveys and yet the
latter persist. This session will explain how to resolve this
situation.
Will Oulton, global head of responsible investment,
First State Investments
Facilitated by Mike Tyrrell, editor, SRI-Connect
5.30 Closing remarks
Tobias Webb, founder, Innovation Forum
The Measurement and Valuation
of Corporate Sustainability –
does it all add up?
How to put hard numbers on sustainability risk –
and quantify opportunity
29th-30th June 2015 | Inmarsat Conference Centre, London
www.innovation-forum.co.uk/sustainability-measurement-and-valuation
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UPCOMING EVENTS
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16th-17th June 2015, London
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28th-29th September 2015, Singapore
If you're interested in any of these events, please do get in touch:
Oliver Bamford
|
Tel +44 (0) 20 3780 7430
|
[email protected]
|
www.innovation-forum.co.uk