Triodos Investment Management An investment point of view on tax transparency Banking Transparency Brussels, November 6th 2014 0 Case example Starbucks 1 Case example Google 2 Main message: companies have a responsibility towards society! Thus: • Follow the spirit of the law not the letter • Pay taxes in the country where the earnings are realised • No use of “tax havens” • No use of “special financial vehicles/ hybrid instruments” • No aggresive tax planning • Policies should be public available -> transparency! • An implementation plan for these policies is public available • Country by country reporting should be obliged for each industry 3 Triodos Bank Organisational structure Retail & Business Banking Netherlands | Belgium | Germany | Spain | United Kingdom Foundation for the administration of Triodos Bank Shares Investment Management Triodos Bank Europe | Emerging markets Private Banking Netherlands | Belgium 4 Triodos Bank Assets under management In millions of EUR 8,000 7,000 6,400 6,000 5,617 5,000 2,000 1,000 Triodos Bank 4,479 4,000 3,000 6,800 3,638 3,067 1,591 280 1.757 356 2.050 2.187 436 557 2.500 2,400 685 743 0 2009 2010 2011 2012 2013 5 H1 2014 Investment Management Private Banking Triodos and investing in listed companies Assets under Management (x €M) 1600 1400 1200 1000 800 PB Man.acc. 600 SICAV I 400 200 0 2009 2010 2011 2012 6 2013 2014 (end July) Triodos SRI Investment Process – sustainability selection A three step approach The research process includes the following three steps: OR 1 Step 1: Selection of companies that derive over 50% of their revenues from sustainable 2 Step 2: Selection of companies that are best-in-class with regard to their sustainability performance in their sector. products or services 3 Step 3: All companies are tested on the basis of the minimum investment criteria. 7 Triodos SRI Investment Process – sustainability selection Minimum Investment Criteria The Minimum Investment Criteria can lead to exclusion in three different ways (not in order): 1 Product Related, e.g. Tobacco 2 Process Related, e.g. Human Rights violations 3 Precautionary Principle, e.g. Environmental policy 8 Engagement Approach • • • 2013 and 2014 enganged with all companies in our portfolio on tax policy and transparency Main outcome: very few companies have a policy public available Developing minimum standards on this topic 9 Case example Engagement DSM 10 Case example Engagement Vodafone 11
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