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,GoldmanSachsESG:IntegratingESGintoInvestmentResearch,GlobalInvestmentResearchAHCGroupJune2006ShareholderValueWorkshop,SarahForrest44-20-7552-9368sarah.forrest,GoldmanSachsESGResearchOverview,VisionandobjectivesWhatisESG?ESGinvestmentandtheSRImarketGoldmanSachsandESGwhy?GlobalEnergyIntegratingESG10reasonsforintegrationofESGandfinance,GoldmanSachsESGResearchVision5%predictthisinthenext1-2years50%believethatactiveownershipwillbemainstreamwithinthenext2years60%believethatscreeningforESGfactorswillbemainstreamwithin3-10years35%believecorporategovernance,climatechange,environmentalmanagement,andwaterusewillbeimportantinvestmentthemesin5yearsEuropeansarethemostconvinced,USmanagerstheleast,Source:Eurosif,Mercer,ThePresentTheFuture,GoldmanSachsESGResearchWhyESG?,WhyGoldmanSachshaslaunchedESGResearch:ClientdemandIncreasedfocusoncorporategovernance(Global)Mainstreaminvestors,PensionandSRIfunds(US/Europe)UnitedNationsEnvironmentProgrammeFinanceInitiative(UNEPFI)MAT1TheMaterialityofEnvironment,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,Accesstotheindustrysnewlegacyassets,DirectorsCut,Valuationandperformancearedrivenbyeconomicreturns,AnthonyLingRajMittal,Valuationandperformance,GoldmanSachsESGResearchESGaddstosharepriceperformance,PerformanceofTop100Categories(Jan2005Jan2006),PerformanceofEnergyESGframework,Top100andcashreturnscategories(Jan2005toJan2006),Source:Companydata,Datastream,GoldmanSachsresearch,GoldmanSachsESGResearchTop125projectslikelytodrivereturns,Source:Companydata,GoldmanSachsresearchestimates,Industrydivisionalcapexsplitintomaintenanceandgrowth,andfurthersplitintoTop125Projectsandother,DurationandIRRofMajorsTop125andTop100portfoliosversusexistingbusinesses,GoldmanSachsESGResearchTechnical,political,fiscalandlabourrisksincreasing,Source:GoldmanSachsresearch,GoldmanSachsESGResearch:TheKeyDriversofSRI-GoldmanSachsESGFramework,GoldmanSachsESGResearchWinnersonESG,Top125andcashreturns,ESGframework,Valuationandperformance,Industrialanalysis,Winners,Source:GoldmanSachsresearch,GoldmanSachsESGResearch10reasonsforintegrationofESGinfinance,UniqueroleoffinancebetweencompaniesandinvestorsExperiencewithriskandreturnbalance,meetingliabilitiesESGasfoundationforsustainableandstrongeconomyUNGlobalCompactinitiativein2000Globalsocialandenvironmentalchallenges,e.g.secureenergysupply,climatechange,watershortages,BRICsgrowthIncreasingawarenessofESGiss