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al n
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I
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t
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tr s
Re
F OC US
BIPS
of
I nf or m a ti on
Summit
In sig hts:
ESG
is
h e re
to
stay
I NDU S T RY
UPD A T E
E qu ity
R e s ear c h
24
A p r il
2020
Wi th
n ea rl y
500
attendees,
o u r
i n a u gur a l
Bar c lay s
B u s i n e ss
Se r v i c e s
E SG
Su mm i t
o n E a r th Da y ’s
50 th
a nn i ver sa r y
c o u l d
n o t
h ave
go n e
b etter .
An d
w h il e
th e
CO VI D - 19
c ri s i s for c ed
th e
even t
t o
be
h el d
v ir tua ll y ,
i t
d i d
n o t
stop
th e
s p ea ker s
fr o m
d i sp l ay i n g
thei r p a ss i o n
a n d
exp r ess i n g
vie wpo i n ts
a r o un d
E S G
( a n d
i t
a l so
h el ped
l ow er
o u r
c a r bo n footp ri n t!) .
We
p r o vid e
fu r ther
t a keaw ay s
fr o m
th e
p a n el s
i n
th e
bod y
o f
th e
n o te .
There wa s
c l ea r
c on se nsus
that
E SG i n ves ti ng
i s
a l rea d y i n
the
ma i nstrea m …
an d v ery
s oon
i t
w ill
not
b e
a
s p e c i f i c
c all - ou t,
bu t
rat h er
anoth er
ele m e n t
i n te g rate d
i nto s ta nda r d
ri sk
an aly s i s
o r
i n v e s tm e n t
pr oc e ss es .
Tr u e V al u e
L abs
C E O
a pt ly
c om pa re d not
an aly zi ng
E SG
factor s
to
‘ f i gh ti ng
w i th
on e
han d
tie d
b e h i n d
y ou r
bac k , ’
an d b elie v e s
i n te g rati ng
E SG
factor s
w ill
b e
s ta nda r d
p r oc e ss
i n
th e
n ext
18 - 24
m on th s .
… A nd
wi ll
b e
f u rth er
a cc el erate d
b y
Cov i d - 19.
A
v ie w
s h are d
unan i m ou s ly
b y pan eli sts
th r ou gh ou t
th e
da y
w as
h ow
th i s
human itari an
c ri s i s
h as
s h on e
a
li gh t
on
th e b e n e f i ts
to
i n v e s tor s / c orpor ate s
f r om
e mph asi zi ng
E SG
pr i n c i pl e s
–
i n c l uding
le ss ob v i ou s
ele m e n ts
li k e
s u pp ly
c h ai n ,
e mploy ee
e ng age m e n t,
a n d
bu s i n e ss
c on ti nu ity .
I n ves to rs
a re
i n c re a si ng l y a ll o c a ti ng
resou rc es to wa rds
S u sta i n a b ili ty …
w i th
l on g - o n ly s
g e tt i ng
mor e
s oph i s ti c ate d;
p ri v ate
i n v e s tm e n ts
pi c kin g
u p;
a c ti v i sts
e mph asi z i ng areas
b ey ond
th e
“ G ”
( ai de d
b y
V angu ar d,
Bl ackroc k
an d
State
St ree t
n ow);
an d
e v e n h e dge
funds
formu lati ng
s trate g ie s .
… W i th
c o rp orat es
sti ll
n ee d i ng
to
esta b li sh team s,
stra te g i e s
a nd
d i sc l osur es .
B u t
th e
g ood
n e w s
i s
th ere
are
p le n ty
of
re s ou r c e s avail abl e
–
b e st
prac ti c e s
f r om
b e st- in - c las s
n ames
li k e
E c olab ;
s ta nda r ds
&
gu i de li n e s f r om
s ta nda r ds
bodi e s
li k e
SA SB
an d
TC FD ;
an d
pe r s pe c ti v e s
f r om
da ta
pr ov i de r s
li k e Su s tai n alyti c s ,
S & P
an d
M o ody ’s .
I n tere s ti ng ly ,
all
of
t h e s e
pan eli sts
w el c om e d re gu lati on ,
bu t
note d
th at
th e
m ai n
i mpetu s
h as
to
c om e
f r o m
th e
pr i v ate
s e c tor .
G - S - E
v s.
E SG
–
i. e.
G o v ern a n c e
o r
bo a rd
o f
d i re c to rs
n ee ds
to
c o mm i t
to
a nd suppo rt
the
ev o l u ti on
a ro und
so c i a l
a nd
env i ro n menta l
c h a ng e .
D& I
an d
pa y
e qu ity re m ai n
key
s oc ial
i ss u e s ,
bu t
t h e
b e st
man age m e n t
te ams
are
ta kin g
a
mor e
holi s ti c appr oac h
de ali ng
w i th
i ss u e s
like
c ar b on
footpr i n ts ,
c y b er
s e c u rity ,
da ta
pr i v ac y ,
an d man y
oth er s .
An d
s i n c e
m on ey
tal ks,
C ovi d - 19
s h ou l d
b e
a
c lear
w ake - u p
c all
–
as
th ere h as
b ee n
c lear
ou tp er forman c e
of / i nf l ows
i nto
E S G
fu n d s
a n d
c om pan ie s
du ri ng
th i s dow ntu r n .
I mpor ta n tly ,
man age m e n t
s h ou l d
b e
i n c e n ti v i ze d
to
e nac t
LT
c hang e ,
an d not
j u st
to
ti c k
t h e
‘ E S G ’
box ,
w i th
di s c l osu re s
a s
a
m e an s
of
e ng age m e nt .
D ata pr o v i ders
a re
on l y g et t i ng
sta rt ed ,
w i th
n ew pr odu c ts
a nd
m ore
c onso li d a ti on on
the
ho ri zo n .
M orn i ng s tar ’s
acqu i s iti on
of
Su s tai n alyti c s
th i s
w ee k
w as
e s pe c ially ti m ely .
SPG I
di s c u ss e d
i ts
e n ter p ri s e - w i d e
E S G
i n itiati v e ,
bols t ere d
re c e n tly
b y
i ts acqu i s iti on
of
th e
R ob ec o S AM
E S G
R a ti ngs
b usines s ;
w h ile
Bar c lay s
Re s ear c h
n ow
u s e s Su s tai n alyti c s
an d
V i g e o
E iri s
( m aj or ity
own e d
b y
M C O ) .
I C E
s i m ilarly
ill u s trate d
i ts
v as t p i pe li n e
an d
c om m i tm e n t
to
E SG .
W e
e xpe c t
n ext
ph ase s
of
E SG
w ill
i n c l ude
mor e i nde x/ i n v e s ta b le
pr odu c ts
an d
mor e
tr an s p are n c y
i n
f ixe d
i n c om e
an d
pr i v ate
as s e ts .
L a stl y ,
sta nd a rd
bod i es a re
do i ng
a gre a t
j ob
a t
hel pi ng
wi th
d i sc l osur es .
An d , i mpor ta n tly ,
ou r
th ree
pan eli sts
–
SAS B ,
T CF D
an d
PRI
–
are
w or kin g
togeth er
an d
w i th rati ng
age n c ie s ,
da ta
pr o v i de r s
an d
th e
i n v e s tm e n t
c om mun ity .
U . S .
Bu s in es s
&
P r o f es s io na l
S er v i c es
NE U TRAL
Unc hang e d
U . S .
Bu s in es s
&
P r o f es s io na l
S er v i c es M a nav
Pat na ik
+ 1
212
526
2983
m anav . p at nai k @ b ar c la y s . co m BC I,
US
Gr e g o ry
Ba r d i ,
C F A
+ 1
212
526
7188
g r e g o ry . b a r d i @ b a r c la y s . co m BC I,
US
Ry an
Le o nar d
+ 1
212
526
2135
ry an . le o nar d @ b ar c lays . co m BC I,
US
Bar c lay s
C a p i t al
I n c .
a n d / o r
o n e
o f
i ts
a ff ilia t e s
do e s
a n d
s ee ks
t o
do
bu s i n e ss
w i t h c o m p a n ie s
c o v ere d
i n
i ts
re s ear c h
re po r ts .
A s
a
re s u l t ,
i n v e st o r s
s h o u l d
b e
a w are
t h a t
t h e f ir m
m ay
h a v e
a
c o nf li c t
o f
i n t ere st
t h a t
c o u l d
a ff e c t
t h e
o b j e c t i v i t y
o f
t h i s
re po r t .
I n v e st o r s s h o u l d
c o n s i d er
t h i s
re po r t
a s
o n ly
a
s i ng le
f a c t o r
i n
m a k i ng
t h eir
i n v e st m e n t
d e c i s i o n .
P L E A S E
S EE
A N A L Y S T
C E R T I F I C A T I O N ( S )
A ND
I M PO R T A N T
D I S CL O S U R E S
BE G I NN I N G
O N
P A G E
21 .
C ON TEN TS
E S G
S U MM IT
TAK E A W A YS
–
COR PORA TE
PE RSPECTI VE
............. 3
W h e n
E SG
i s
c or e
to
th e
v al u e
pr opos iti on :
E c olab ’s
Ch air man
&
C E O
.......................... 3
Th e
i mpor ta n c e
of
le ad i ng
s u st ai n abil ity
e ffor ts :
Bar c lay s
H e ad
of
Su s tai n abil ity
&
E S G
...... 4
Opp ortun itie s
&
c h alle ng e s
of
s c ali ng
i mpa c t
an d
i nn ova ti on :
An
e n tre pr e n e u rial
v ie w
...... 5
E S G
S U MM IT
TAK E A W A YS
–
INV E S TO R
PE RSPE CTIV E
................ 6
Re s pon ding
to
c u s tom er
d e mands
for
E S G - f rie ndl y
i n v e s tm e n ts :
A
LT
P er s pe c ti v e
........... 6
I s
th e
H e dg e
Fun d
i ndu s try
s tarti ng
to
ta k e
E SG
s eri ou s ly ?
....................................... 7
E S G
S U MM IT
TAK E A W A YS
–
D A TA
P RO V ID E R S
PE RS PECTIV E
..... 10
Solvi ng
th e
E S G
I nform ati on
G a p:
Su s tai n alyti c s ,
M orn i ng s tar
a n d
Tr u e v al u e
Lab s
.......... 10
Le v er aging
th e
pow er
of
th e
f ra n c h i s e
i n
E SG :
S& P
G l ob al ,
I C E
.................................. 11
A
de e pe r
l ook
at
th e
“ E ”
i n
E SG :
M oody ’s ,
I SS
..................................................... 12
A
b rie f
E SG
Pr i m er
&
l ook
i nto
Bar c lay s
Re s ear c h
appr oac h
on
C r os s- As s e t
E SG
Re s ear c h
.
13
E S G
S U MM IT
TAK E A W A YS
–
S TA ND A RD S
B O D IE S
PE RSPE CTIVE
.. 15
H ow
w ill
E SG
c riteria
an d
m etri c s
b e c om e
s ta nda r d i ze d :
SASB ,
TC FD ,
PRI
.................... 15
CA LENDA R
OF
E V E NTS
................................................... 17
Apr il :
B u s y
E ar n i ng s
Ne xt
W ee k
...................................................................... 17
A PPE ND IX
.................................................................. 18
I nform ati on
Se r v i c e s
–
Stock
P er forman c e
......................................................... 18
B u s i n e ss
S er v i c e s
–
Stock
P er f o r man c e
............................................................ 19
B I PS
S e n ti m e n t
I ndi c at or s
( as
o f
4 / 22 / 20 )
........................................................ 20
ES G
SUMMIT
T A K E AWAYS
–
C ORPO R ATE
P ERS P E C TIV E
Wh e n
ESG
is
c o re
to
the
v a l ue
p ro p os it io n:
Ecola b ’s Cha irm a n
&
CEO
Ke y note
S peake r
Do ug
Baker ,
Ch air man
&
C E O ,
E c olab
M ode rat or :
M an av
Patn ai k,
B u s i n e ss
&
I nform ati on
Se r v i c e s
E qu ity
Re s ear c h
An aly s t, Bar c lay s
Takeaw a y s
E C L’ s
en v ir onm en t a l
t r ac k
r ec or d
s p ea ks
for
it s elf…
I ts
st rate g y
ar ou n d
“ Sa f e
f ood” , “ C le an
W ater ” ,
an d
“ H eal th y
E n v ir on m e n ts ”
h ave
re s u l t e d
i n
s i gn i f i c an t
s avi ng s
for
i ts c u s tom er s .
For
e xam pl e ,
i n
2019
E C L
h el pe d
s ave
206 B
g all o n s
of
w ater
( e qu i v ale n t
to th e
dr i n kin g
w ater
n ee ds
of
712 M
peopl e ) ;
c on s er v e
28
trilli o n
B TU
of
e n er g y ;
c le an
40 B hands ;
pr e v e n t
mor e
than
1 M
f oo dborn e
ill n e ss e s ;
c le an
1 B +
hote l
r oom s ;
safe ly pr odu c e
mor e
than
16 %
of
w or l d’ s
p r oc e ss e d
f ood
an d
45 %
of
pr oc e ss e d
m il k;
an d s er v e
5...