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FINAL 27-4.pdf: 1570692 bytes, checksum: 8a2fe858218f4673caefa924fc17abfa (MD5) Previous issue date: 2018-03-19 / Since the mid-twentieth century, climate change has had a significant impact in several economy sectors whilst scandals related to corporate governance as well as political and social instability have directly influenced the value of companies and also altered the way investments are considered. Due to this scenario, environmental, social and corporate governance factors have been taken into account in business analysis, demanding engagement, transparency and new forms for data evaluation. In search for identifying the motivations for the integration of environmental, social and governance factors (ESG) into investment analysis, as well as evaluating the use of this data, the present research discusses the challenges imposed by this model of asset analysis through the dialogue with nine actors and institutions related to the financial market. As to create a qualitative and exploratory methodological approach, interviews were held in depth using a semi structured script with five new Brazilian Asset Management professionals and with institutions related to this topic. For the development of this study, a theoretical revision of the evolution of sustainability of the financial market was necessary, which imposes new challenges to the investment management. According to the results of this research, the main motivators for the adoption of ESG factors to investment analyses are the adoption of the Principles for Responsible Investment (PRI) by the greatest financial institutions in Brazil, followed by the awareness of the rise of financial and reputational risks originated from company operations. The data sources used in this research are diverse, with special emphasis on sustainability reports released by companies. However, a lack of comparability, reliability, history, format and integration in the companies’ results still damages the use of this information by other entities. The present study contributes with the adoption of ESG factors by several segments of the financial sector, as well as with the improvement of management of those which already integrate them. Besides, companies will be able to better comprehend the importance of adequate communication and of the quality of data for investors through sustainability reports. / Desde meados do século XX, as mudanças climáticas impactam significativamente diversos setores da economia, ao mesmo tempo que escândalos sobre governança corporativa e instabilidades políticas e sociais têm influenciado diretamente o valor das empresas e alterado a forma de se pensar os investimentos. Fatores ambientais, sociais e de governança passam, pois, a ser considerados nas análises de negócios, exigindo engajamento, transparência e novas formas de avaliação de dados. Com o objetivo de identificar as motivações para integração dos fatores Ambientais, Sociais e de Governança (ASG) à análise de investimento, bem como analisar o uso dos dados, a presente pesquisa, através do diálogo com nove atores relacionados ao mercado financeiro e entidades, traz os desafios impostos por esse modelo de avaliação de ativos. Para uma abordagem metodológica exploratória qualitativa, foram realizadas entrevistas em profundidade com roteiro semiestruturado com novos profissionais de Assets Management que atuam no Brasil e de entidades que se relacionam ao tema. Para o desenvolvimento desse estudo foi necessária a revisão teórica da evolução da sustentabilidade no mercado financeiro, que impõe novos desafios à gestão dos investimentos. De acordo com os resultados desta pesquisa, os principais motivadores para adoção de fatores ASG às análises de investimento são a adoção aos Princípios do Investimento Responsável (PRI) pelas grandes instituições financeiras e Asset Management do país; seguido da percepção de aumento dos riscos financeiros e reputacionais oriundos das operações das empresas. As fontes de dados utilizadas são diversas, com destaque para os relatórios de sustentabilidade empresariais. No entanto, falta de comparabilidade, confiabilidade, histórico, formato e integração aos resultados das empresas ainda prejudicam o uso das informações por mais entidades. O presente estudo colabora com a adoção de fatores ASG por diversos segmentos do setor financeiro, bem como com a melhoria de gestão das financeiras que já os integraram. Além disso, as empresas poderão compreender melhor a importância da comunicação adequada e qualidade dos dados para os investidores, por meio dos relatórios de sustentabilidade

Institutional Investors own a large share of publicly traded companies, controlling a significant amount of the economy‟s working capital. These investors currently use little or no sustainability-related information to make their decisions, reinforcing a loop of increasingly unsustainable growth. This paper puts forward a new investment strategy that recognizes true movement towards sustainability and its link with bottom line benefits for investors: Strategic Sustainable Investing (SSI). To achieve this desired future, Institutional Investors must be able to recognize corporations that are strategically leading the transition towards sustainability. An Analysis Tool was developed to help address this need by identifying sectoral Emerging Sustainability Issues (ESI) using a consensus-based scientific definition of sustainability. Once ESIs are identified, companies‟ strategies regarding each issue are assessed. This Tool was scrutinized by a panel of experts in the financial and sustainable development industries, and was tested on three companies within the Unconventional Oil & Gas Sector in Canada. Results confirmed the usefulness of a tool that can recognize which companies are leading the sustainable development agenda, and identified the need for future research on the financial materiality of sustainability-oriented actions.

Bakgrund: Under de senaste åren har intressent för hållbarhet ökat bland företag men för investerare är intresset för hållbarhet tudelad. Flera källor visar att investerare har ett ökat intresse för hållbarhet medan andra visar det motsatta och inte rekommenderar att flytta gynnsamma investeringar från företag med negativa miljöpåverkan.Syfte: Syftet med denna studie är att öka förståelsen för hur mycket investmentbolagen tar hänsyn till hållbarhet vid investering och hur investmentbolag bidrar till att deras företag ska arbeta mer hållbart.Metod: I uppsatsen används en kvalitativ forskningsmetod med tre semistrukturerade intervjuer över telefon.Slutsats: Studiens resultat visar att samtliga investmentbolag anser att hållbarhet har en avgörande roll om de vill investera i företag eller inte. Anledningen är för att hållbarhet är en förutsättning för att företag ska överleva på långsikt och samtliga investmentbolag vill hitta företag som kan generera ett långsiktigt värde. Alla tre investmentbolag skrivit under riktlinjer och ramverk som ska hjälpa bolagen att verksamma mot en hållbar miljö och arbetsklimat samt påverka bolagen till ansvarsfull investering. Om något företag som investmentbolagen äger bryter mot de uppsatta riktlinjerna kan investmentbolagen välja att avsluta sitt ägande av företaget. / Background: In recent years, the interest in sustainability has increased among companies, but for investors, the interest in sustainability is divided. Several sources show that investors have an increased interest in sustainability, while others show the opposite and do not recommend moving favorable investments from companies with negative environmental impacts.Purpose: The purpose of this study is to increase the understanding of how much investment companies take sustainability into account when investing and how investment companies contribute to increasing sustainable work in their companies.Method: The essay uses a qualitative research method with three semi-structured interviews over the telephone.Conclusion: The results of the study show that all investment companies believe that sustainability plays a decisive role whether they want to invest in companies or not. The reason is that sustainability is a prerequisite for companies to survive in the long term and all investment companies want to find companies that can generate long-term value. All three investment companies have signed guidelines and frameworks that will help the companies to operate towards a sustainable environment and work climate and influence the companies to responsible investment. If any company owned by the investment companies violates the established guidelines, the investment companies may choose to terminate their ownership of the company.

Samhällsfastigheter har seglat upp som ett av de mest attraktiva segmenten i fastighetsbranschen under desenaste åren. Att många fastighetsrådgivare som Newsec och Svefa tror att detta bara är början på entrend med allt större transaktionsvolymer gör det vidare intressant att analysera detta närmare. Den ökade skuldsättningen för fastighetsbolag rent generellt medför en tilltagande kreditrisk och innebärsamtidigt ett ökat tryck på att denna typ av bolag vårdar sin skuld. Detta för att kunna belönas med lägreupplåningskostnader och lägga grunden för en ökad finansiell stabilitet. Kreditvärdering är en viktigdimension i denna process, och att få en hög kreditrating är en central del och rekommenderas numera iallt större utsträckning. Begreppet samhällsfastigheter behandlas frekvent i media men det finns en otydlighet och okunskap kringvad begreppet står för. Samhällsfastigheter innefattar bland annat en länk till offentlig sektor, lågvakansgrad, stabila kassaflöden och stabila hyresgäster övertid. I sin tur kan oklarhet kring begreppet ledatill osäkerhet kring graden av stabilitet och trygghet som ett fastighetsbestånd avspeglar eller bör avspegla. Ambitionen med uppsatsen är därför att genom en deskriptiv redogörelse bidra med ökad kunskap försegmentet samt hur kreditvärderingen av samhällsfastigheter skiljer sig från ett mer klassisktfastighetsbestånd. Uppsatsen är baserad på intervjuer med aktörer verksamma på den svenskakreditbedömnings marknaden som kan lyfta olika perspektiv av processen kring kreditvärdering avfastigheter generellt och samhällsfastigheter mer specifikt. Resultatet av uppsatsen sammanfattas i arbetets slutsats där frågeställningarna arbetet grundar sig ibesvaras. De frågeställningar som besvaras är följande: Vilka faktorer är centrala vid kreditbedömning avett fastighetsbolag respektive samhällsfastighetsbolag? Vilka faktorer skiljer sig i kreditbedömning avsamhällsfastigheter från andra typer av fastighetsinvesteringar? / Commercial properties have emerged as one of the most attractive segments in the real estate industry inrecent years. The fact that many real estate advisers such as Newsec and Svefa believe that this is only thebeginning of a trend with increasing transaction volumes makes it interesting to analyze this segmentmore thoroughly. The increased indebtedness for real estate companies, in general, entails increasing credit risk and at thesame time leads to increased pressure on this type of company to take care of its debt. This is to beableto be rewarded with lower financial costs and lay the foundation for increased financial stability. Creditrating is an important dimension in this process and getting a credit rating can be a central factor as statedin the thesis and is now increasingly recommended. The concept of community properties is frequently covered in the media, but there is sometimes a lack ofclarity and ignorance about the concept of what it stands for. These include, among other things,a link to the public sector, low vacancy rates, stable cash flows, and stable tenants over time. In turn, thisambiguity around the concept can lead to uncertainty about the degree of stability and security that aproperty portfolio reflects or should reflect. The ambition of the thesis is therefore to contribute through a descriptive statement with increasedknowledge for the segment and how the credit rating of community properties differs from a more classicproperty portfolio. The thesis is based on interviews with different types of actors active in the Swedishcredit assessment market that can highlight different perspectives on the process around credit valuationof properties in general and community properties more specifically. The result is summarized in the work's conclusion where the questions the work is based on areanswered. The questions that are answered are the following: What factors are central in the creditassessment of a real estate company and a public real estate company, respectively? What factors differ inthe credit rating of public properties from other types of real estate investments?

Les cas d’entreprises touchées par des scandales financiers, environnementaux ou concernant des conditions de travail abusives imposées à leur main-d’œuvre, n’ont cessé de jalonner l’actualité ces vingt dernières années. La multiplication des comportements à l’origine de ces scandales s’explique par l’environnement moins contraignant, que leur ont offert les politiques de privatisation, dérégulation et libéralisation, amorcées à partir des années 1980. Le développement de la notion de responsabilité sociale des entreprises à partir des années 1980, en réaction à ces excès, incarne l'idée que si une entreprise doit certes faire des profits et les pérenniser elle se doit de les réaliser en favorisant les comportements responsables, éthiques et transparents avec toutes ses parties prenantes. Nous analysons dans cette thèse le processus par lequel, face à des dysfonctionnements et abus, touchant les conditions de travail de leur main d’œuvre ou leur gouvernance, des entreprises peuvent être amenées, ou non, à questionner et modifier leurs pratiques. Nous avons axé notre étude de cas sur deux entreprises aux trajectoires diamétralement opposées. La première entreprise, issue du secteur de la fabrication de vêtements et dont la crise concernait des atteintes aux droits des travailleurs, a surmonté la crise en réformant son modèle de production. La seconde entreprise, située dans le secteur des technologies de l'information et de la communication, a fait face à une crise liée à sa gouvernance d’entreprise, multiplié les dysfonctionnements pendant dix années de crises et finalement déclaré faillite en janvier 2009. Les évolutions théoriques du courant néo-institutionnel ces dernières années, permettent d’éclairer le processus par lequel de nouvelles normes émergent et se diffusent, en soulignant le rôle de différents acteurs, qui pour les uns, définissent de nouvelles normes et pour d’autres se mobilisent en vue de les diffuser. Afin d’augmenter leur efficacité à l’échelle mondiale, il apparaît que ces acteurs agissent le plus souvent en réseaux, parfois concurrents. L’étude du cas de cette compagnie du secteur de la confection de vêtement nous a permis d’aborder le domaine lié aux conditions de travail de travailleurs œuvrant au sein de chaînes de production délocalisées dans des pays aux lois sociales absentes ou inefficaces. Nous avons analysé le cheminement par lequel cette entreprise fut amenée à considérer, avec plus de rigueur, la dimension éthique dans sa chaîne de production. L’entreprise, en passant par différentes étapes prenant la forme d’un processus d’apprentissage organisationnel, a réussi à surmonter la crise en réformant ses pratiques. Il est apparu que ce processus ne fut pas spontané et qu’il fut réalisé suite aux rôles joués par deux types d’acteurs. Premièrement, par la mobilisation incessante des mouvements de justice globale afin que l’entreprise réforme ses pratiques. Et deuxièmement, par le cadre normatif et le lieu de dialogue entre les différentes parties prenantes, fournis par un organisme privé source de normes. C’est fondamentalement le risque de perdre son accréditation à la cet organisme qui a poussé l’entreprise à engager des réformes. L’entreprise est parvenue à surmonter la crise, certes en adoptant et en respectant les normes définies par cette organisation mais fondamentalement en modifiant sa culture d'entreprise. Le leadership du CEO et du CFO a en effet permis la création d'une culture d'entreprise favorisant la remise en question, le dialogue et une plus grande prise en considération des parties prenantes, même si la gestion locale ne va pas sans poser parfois des difficultés de mise en œuvre. Concernant le domaine de la gouvernance d’entreprise, nous mettons en évidence, à travers l’étude des facteurs ayant mené au déclin et à la faillite d’une entreprise phare du secteur des technologies de l’information et de la communication, les limites des normes en la matière comme outil de bonne gouvernance. La légalité de la gestion comptable et la conformité de l’entreprise aux normes de gouvernance n'ont pas empêché l’apparition et la multiplication de dysfonctionnements et abus stratégiques et éthiques. Incapable de se servir des multiples crises auxquelles elle a fait face pour se remettre en question et engager un apprentissage organisationnel profond, l'entreprise s'est focalisée de manière obsessionnelle sur la rentabilité à court terme et la recherche d'un titre boursier élevé. La direction et le conseil d'administration ont manqué de leadership afin de créer une culture d'entreprise alliant innovation technologique et communication honnête et transparente avec les parties prenantes. Alors que l'étude consacrée à l’entreprise du secteur de la confection de vêtement illustre le cas d'une entreprise qui a su, par le biais d'un changement stratégique, relever les défis que lui imposait son environnement, l'étude des quinze dernières années de la compagnie issue du secteur des technologies de l’information et de la communication témoigne de la situation inverse. Il apparaît sur base de ces deux cas que si une gouvernance favorisant l'éthique et la transparence envers les parties prenantes nécessite la création d'une culture d'entreprise valorisant ces éléments, elle doit impérativement soutenir et être associée à une stratégie adéquate afin que l'entreprise puisse pérenniser ses activités. / The case of companies affected by scandals related to financial, environmental, or exploitative labour conditions aspects have marked the last twenty years. The increasingly form of behaviour behind these scandals can be explained by the less restrictive environment offered by the privatization, deregulation and liberalization policies initiated in the 1980s. In order to prevent these derivatives and promote sustainable management, stakeholders and investors encourage the taking into consideration of three non-economic factors, known as the ESG Factors (Environmental, Social and Corporate Governance related). The development of the concept of Corporate Social Responsability since the 1980s, following these excesses, embodies the idea that if a company should certainly make profit and sustain it, it should achieve it by promoting responsible, ethical and transparent behavior with all its' stakeholders. We analyze, in this thesis, the process by which, in the face of malfunctions and abuse affecting labour working conditions or their governance, companies can be brought to, or not, question and change their practices. We have focused our case study on two companies with diametrically opposed trajectories. The first company, from the textile sector and whose crisis concerned the infringement of workers' rights, overcame the crisis by reforming its production model. The second company, from the information technology and communication sector and whose crisis was related to its corporate governance, multiplied the malfunctions for ten years until declaring bankruptcy on January 2009. Recent developments in the new institutionalism theory shed light on the process by which new standards emerge and spread, while emphasizing the role occupied by various actors in this process. Networks of actors are formed, in order to increase their efficiency in a global scale, where they define new ethical standards and mobilize in order to spread them. The first case study allowed us to address the field associated with the labour conditions of workers operating within the supply chain relocated in countries with ineffective or non-existent social laws. We analyzed the path through which this company was led to consider, with greater rigor, the ethical dimension in its supply chain. The company, going through various steps in the form of an organizational learning process, was able to overcome the crisis by reforming its practices. It became apparent that this process was not spontaneous and that it was settled following the roles played by two types of actors. Firstly, by the constant mobilization of Global Justice Movements, in order for the company to reform its practices, and secondly, by the normative framework and place for dialogue between the different stakeholders, offered by a private organization source of standards. Basically, the risk of losing its accreditation was what led the company to undertake reforms. The company was able to overcome the crisis by adopting, and respecting, the standards defined by this private authority. The company managed to overcome the crisis, albeit by adopting and complying with these norms, but fundamentally by changing its corporate culture. The leadership of the CEO and the CFO has allowed the creation of a corporate culture that encourages questioning, dialogue and a greater consideration of the stakeholders, even if local management may sometimes pose a number of issues or difficulties. Concerning the dimension related to corporate governance, we highlight, through the study of factors leading to the decline and bankruptcy of the second case study, the limits of the standards as a tool for good governance. The lawfulness of accounting and the company's compliance to the governance standards did not prevent the emergence and proliferation of shortcomings and of strategic and ethical issues. Unable to take advantage of the multiple crises it faced in order to challenge and engage a deep organizational learning, the company obsessively focused on the short-term profitability and the search for a higher share. Management and the Board of Directors have failed to show some leadership in creating a corporate culture that would combine technological innovation and an honest and transparent communication with stakeholders. Thus, it appears that there are two types of behaviours raised by companies: the first type, which can be induced, controlled and which is favourable to the regulatory process; and the second type, which is more strategic, more difficult to control and less amenable to be regulated. While the first case study illustrates the case of a company that, through a strategic change, has been able to address the challenges imposed by its’ environment, the second one reflects the opposite situation. Based on these two cases, it appears that if a governance, promoting ethics and transparency towards stakeholders, requires the creation of a corporate culture valuing these elements, it must support and be associated with the right strategy so that the company can sustain its activities.