高盛PPT模板PPT课件

GoldmanSachsESG IntegratingESGintoInvestmentResearch GlobalInvestmentResearchAHCGroupJune2006ShareholderValueWorkshop SarahForrest44 20 7552 9368sarah forrest GoldmanSachsESGResearchOverview VisionandobjectivesWhatisESG ESGinvestmentandtheSRImarketGoldmanSachsandESG why GlobalEnergy IntegratingESG10reasonsforintegrationofESGandfinance GoldmanSachsESGResearchVision Objectives VisionTointegrateenvironmental socialandgovernanceissueswithindustrialanalysisandvaluationonasector by sectorbasis andtoidentifyinvestmentopportunitiesrelatedtocarbonfinance alternativeenergy andotheremergingESGissues LongtermobjectivesTotransferexpertiseofESGissuesandresearchmethodologytoallsectorteamstomaintainESGaspartof normal researchGlobalESGcoverageofGSuniverse 2000stocksin5years GoldmanSachsESGResearchWhatisESG EnvironmentalInputs Energy WaterOutputs ClimateChange Emissions WasteSocialLeadership Accountability Reporting DevelopmentEmployees Diversity Training LabourrelationsCustomers Productsafety ResponsiblemarketingCommunities Humanrights Socialinvestments TransparencyGovernanceTransparencyIndependenceCompensationShareholderrights ManagementofESGissues Proxyforqualityofmanagement GoldmanSachsESGResearchTheSRIMarket SociallyResponsibleInvestment 4commoninvestmentcriteriaasacompetitivedifferentiator Negativescreeningdrivenbyclientvalues Thematicinvestinginbusinesseswithdirectsocialorenvironmentalbenefit Shareholderengagementtoaltercompanybehavior SustainabilityanalysistoestablishabusinesscaseforSRI Source Henderson M Fox2003 GoldmanSachsESGResearchSRIAssetsunderManagement Mercer sFearlessForecastsurveyedover200investmentmanagersgloballyontheintegrationofSRIintomainstreaminvesting 70 believethattheintegrationofenvironmental socialandgovernance ESG factorsintoinvestmentanalysiswillbemainstreamwithin3 10years 5 predictthisinthenext1 2years50 believethatactiveownershipwillbemainstreamwithinthenext2years60 believethatscreeningforESGfactorswillbemainstreamwithin3 10years 35 believecorporategovernance climatechange environmentalmanagement andwaterusewillbeimportantinvestmentthemesin5yearsEuropeansarethemostconvinced USmanagerstheleast Source Eurosif Mercer ThePresentTheFuture GoldmanSachsESGResearchWhyESG WhyGoldmanSachshaslaunchedESGResearch ClientdemandIncreasedfocusoncorporategovernance Global Mainstreaminvestors PensionandSRIfunds US Europe UnitedNationsEnvironmentProgrammeFinanceInitiative UNEPFI MAT1 TheMaterialityofEnvironment SocialandGovernanceIssuestoEquityPricingEnhancedAnalyticsInitiative EAI Consortiumofbuy sidefundsallocatingcommissionstoencourageESGresearchGoldmanSachsresponseFeb2004 IntroducingtheGoldmanSachsGlobalEnergyEnvironmentalandSocialIndex UNEPFI April2005 LaunchofESGResearchteamAugust2005 Feb2006 GlobalEnergyESGandEuropeanMediaESGpublishedUnitedNationsGlobalCompactkeynoteaddressbyAnthonyLingonbehalfoffinancialcommunityParticipationinGlobalReportingInitiative UNPrinciplesforResponsibleInvestment andIPIECA APIEnergyindustrysustainabilityreportingguidelinesGShostedinvestorconferencesandroadshowsforEnergyandMediacompaniesonESG GoldmanSachsESGResearchIntegrationofESGwithEnergyAnalysis ESG E Environment S Social G corporateGovernanceOverallmanagementqualityUsingtheESGMatrixwerankanindustryinanindex TheleadersperformbestinESGindicators newlegacyassetsexposureandincreasingcashreturns Forglobalenergy winnersfromourGlobalEnergyESGreport Aug05 andTop100projectsreport Jan05 outperformedtheirpeersby19 and14 onaveragebetweenJan05andJan06 ESGframework StrongcorrelationbetweenESGleadersandnewlegacyassetwinners SarahForrestMarcFox Overallmanagementquality Top125projects Economicreturnsaredrivenbyaccesstonewlegacyassets JonathanWaghornMattLanstone Accesstotheindustry snewlegacyassets Director sCut Valuationandperformancearedrivenbyeconomicreturns AnthonyLingRajMittal Valuationandperformance GoldmanSachsESGResearchESGaddstosharepriceperformance PerformanceofTop100Categories Jan2005 Jan2006 PerformanceofEnergyESGframework Top100andcashreturnscategories Jan2005toJan2006 Source Companydata Datastream GoldmanSachsresearch GoldmanSachsESGResearchTop125projectslikelytodrivereturns Source Companydata GoldmanSachsresearchestimates Industrydivisionalcapexsplitintomaintenanceandgrowth andfurthersplitintoTop125Projectsandother DurationandIRRofMajors Top125andTop100portfoliosversusexistingbusinesses GoldmanSachsESGResearchTechnical political fiscalandlabourrisksincreasing Source GoldmanSachsresearch GoldmanSachsESGResearch TheKeyDriversofSRI GoldmanSachsESGFramework GoldmanSachsESGResearchWinnersonESG Top125andcashreturns ESGframework Valuationandperformance Industrialanalysis Winners Source GoldmanSachsresearch GoldmanSachsESGResearch10reasonsforintegrationofESGinfinance UniqueroleoffinancebetweencompaniesandinvestorsExperiencewithriskandreturnbalance meetingliabilitiesESGasfoundationforsustainableandstrongeconomyUNGlobalCompactinitiativein2000Globalsocialandenvironmentalchallenges e g secureenergys