“Duurzaam beleggen evolueert van niche naar algemene trend”

Bij institutionele beleggers is een groeiend bewustzijn dat trends zoals bevolkingsgroei, grondstoffenschaarste en globalisering de risico’s en kansen van ondernemingen beïnvloeden. Zo vertelt Edith Siermann, Chief Investment Officer Fixed Income bij Robeco.


Onder druk van regelgevers en beleggers, zoals deelnemers in pensioenfondsen, evolueert duurzaam beleggen dan ook langzaam maar zeker van een ‘niche’ naar een algemene trend. Ter illustratie: er zijn eenvoudigweg geen Requests for Proposal meer zonder vragen over ESG (milieu, maatschappij en goed ondernemingsbestuur). En het vermogen dat beheerd wordt door organisaties die de UN Principles for Responsible Investment (PRI) hebben ondertekend, is gestegen van USD 4 biljoen bij de start in 2006 naar USD 34 biljoen in 2014. Dit is 15% van het wereldwijd belegbare vermogen. Daar komt nog bij dat ondertekenaars van de PRI aan steeds striktere voorwaarden moeten voldoen.

De vele interpretaties van duurzaamheid


Dat duurzaam beleggen geen overwaaiende hype is, is inmiddels dus wel de consensus. Hoewel de meeste institutionele beleggers het al niet meer zien als een ‘groene’ of ‘ethische’ strategie, is er nog steeds een veelheid aan interpretaties en toepassingen, variërend van het uitsluiten van wapenfabrikanten tot een manier om lange-termijnrisico’s te beheersen. Robeco helpt pensioenfondsen hun overtuigingen, ambities én beleid op het gebied van duurzaamheid te ontwikkelen. Daarnaast voeren we dat beleid ook uit, bijvoorbeeld door duurzaam beleggen te integreren in het bestaande beleggingsbeleid of door voting en engagement services aan te bieden. Ook kunnen we portefeuilles screenen op duurzaamheid en hierover een gedetailleerde rapportage bieden.

duurzaam beleggen robeco

De integratie van duurzaamheid in creditbeleggingen


Ook voor beleggers in bedrijfsobligaties past Robeco volledige integratie van ESG-factoren in alle strategieën toe. Naast de concurrentiepositie van een onderneming, de strategie, de financiële positie en de bedrijfsstructuur, is ESG een van de vijf pijlers in de creditanalyse. Wij doen dit omdat wij ervan overtuigd zijn dat ESG-gegevens ons extra relevante informatie bieden, waardoor we beter in staat zijn een bedrijf te analyseren en het neerwaarts risico van beleggingsportefeuilles te beperken. De weging van de ESG-pijler in de totale analyse hangt ervan af hoe financieel materieel deze is. Er is een groot aantal ESG-indicatoren per onderneming en wij kijken alleen naar die ESG-issues die het meest relevant zijn voor de financiële positie en de winstgevendheid van de onderneming.

Focus op risicobeperking


De Corporate Sustainability Assesment, ofwel de duurzaamheidsscores van RobecoSAM, Robeco’s dochteronderneming op het gebied van duurzaam beleggen, is gebaseerd op enquêtes onder circa 2800 ondernemingen en speelt een belangrijke rol in het creditproces. Deze scores worden door het credit team besproken met de gespecialiseerde duurzaamheidsanalisten van RobecoSAM. We kijken hierbij vooral naar negatieve elementen zoals zwakke plekken in de corporate governance of in het milieubeleid. Daarnaast vullen we onze research aan met andere bronnen die nog meer risico’s kunnen blootleggen. We scannen bijvoorbeeld de media om te kijken of het bedrijf in rechtszaken of schikkingen is verwikkeld. De hiermee gemoeide bedragen kunnen immers een materiële impact hebben op de financiële positie van een bedrijf.

Is duurzaam beleggen duur?


Bij Robeco bekijken we ESG vanuit een financieel perspectief. Voor ons staat rendement voorop. Het is een mythe dat ESG-integratie ten koste van rendement gaat. Veel vragen in de CSA van RobecoSAM gaan over financieel materiële onderwerpen als governance, risicomanagement, personeelsbeleid en andere factoren die uiteindelijk ook invloed hebben op de winst van een bedrijf. ESG-analyse stelt ons in staat om beter geïnformeerde beslissingen te nemen en risicosignalen in een vroeg stadium op te pikken. Hierdoor kunnen we de verliezers vermijden.

duurzaam beleggen robeco esg

Uniek: een actieve dialoog met credit issuers


En het blijft niet bij analyse alleen. Een team van engagement-specialisten gaat een actieve dialoog – engagement – aan met geselecteerde bedrijven over financieel materiële thema’s die in overleg met portfoliomanagers, beleggingsanalisten en duurzaamheidsanalisten zijn vastgesteld. Dat dit niet alleen voor aandelen maar ook voor credits gebeurt, is uniek. We moedigen de ondernemingen aan om concrete stappen te zetten ter verbetering van hun duurzaamheid, omdat dit ook de kredietwaardigheid ten goede komt.

Een voorbeeld is onze engagement met de Braziliaanse energieonderneming Petrobras. Petrobras subsidieert benzineprijzen door tegen marktprijs in te kopen en onder de marktprijs te verkopen. Daardoor heeft het bedrijf een flinke invloed op de inflatie. De bestuursvoorzitter van Petrobras is tevens de Braziliaanse minister van Financiën, waardoor de onafhankelijkheid van het bedrijf twijfelachtig is. Met een aantal andere institutionele partijen hebben onze engagementspecialisten, in samenwerking met onze creditanalisten, twee onafhankelijke leden van de Board voorgedragen. Dit voorstel is goedgekeurd door de aandeelhouders, wat een aanmerkelijke verbetering in de corporate governance van het bedrijf heeft opgeleverd.

Juist omdat we geloven in een constructieve dialoog, sluiten we bedrijven alleen uit als het echt niet anders meer kan, bijvoorbeeld als ze structureel de principes van het UN Global Compact schenden of controversiële wapens produceren. Het belangrijkste bezwaar tegen uitsluitingen - zeker waar het gaat om uitsluitingen op basis van gedrag - is dat je jezelf als belegger de kans ontneemt om positieve invloed uit te oefenen op de bedrijfsvoering van de onderneming in kwestie. ‘Een bedrijf dat een antwoord heeft op de uitdagingen op het gebied van milieu, mensen en goed ondernemingsbestuur, is aantrekkelijker voor creditbeleggers’

Wij geloven in een langetermijnrelatie met een onderneming, een positieve aanpak waarin wij het bedrijf ervan trachten te overtuigen dat verbetering ook in zijn belang is. Bovendien zijn wij ervan overtuigd dat een bedrijf dat een antwoord heeft op de hedendaagse uitdagingen op het gebied van milieu, mensen en goed ondernemingsbestuur, betere vooruitzichten biedt, minder risico’s met zich meebrengt, en dus aantrekkelijker is voor creditbeleggers.

Edith Siermann duurzaam beleggen ESG Corporate governance


16:49 - 11-11-2014 | AUTEUR: Mariette | REACTIES: (96)


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