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Sustainable and social responsible investments

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Präsentation zum Thema: "Sustainable and social responsible investments"—  Präsentation transkript:

1 Sustainable and social responsible investments
Best fund manager Open-end funds on 1 year Sustainable and social responsible investments The KBC AM approach Geert Heuninck – Head of SRI department Innovative Portfolio Bausteine Januar 2007

2 Agenda 1. Introduction 2. SRI Market 3. KBC approach 4. Sustainability research 5. Our products 6. Transparency 7. Conclusions

3 An independent asset manager
KBC AM overview An independent asset manager More than 50 year experience in asset managing The largest operator in Belgium - occupying a prominent position in Western Europe - a dominant force in Central Europe A leader in capital protected products (click funds, etc.) Offices in Brussels, Dublin, Luxemburg, Prague, Budapest and Warsaw Representative office in New York & Shanghai 153 bln EUR assets under management ( )

4 KBC Asset Management profile
Market leader in capital protected funds Market share in Belgium: 60,94% ( ) Top 3 player in pension funds in Belgium, Ireland and Czechia Amongst the first European asset managers to have launched sector & theme funds Europartners Multi Investment Fund (EMIF): a European partnership for management and distribution Pioneer in SRI since 1992

5 Definitions: Corporate Social Responsibility
SUSTAINABILITY: attention and care for the coming generations: “Our common future”: Brundtland Commission report 1987: "Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs" SOCIAL RESPONSIBILITY: attention and care for existing or potential inequalities within current generations, both in and outside one’s own environment (solidarity)

6 Key elements Continuous improvement Voluntary Triple bottom-line Communication and transparency

7 2. From CSR to SRI? Socially Responsible Investment combines traditional financial values with social, ethical, governance and environmental criteria by including them in investment management (saving and investing) in a - Structural, - Voluntary and - Transparent Process. Consultation with the stakeholders is an important part of this process.

8 2. SRI growing interest

9 KBC SRI funds AUM in mln euro (12/06) (12/05) 1y gr Open equity:
KBC Eco World 36 49 -26% KBC Eco Water 161 20 720% KBC Eco Alt. Energy 123 29 324% KBC Eco Climate Change KBC Eco Sust. Euroland 11 0% KBC IF Ethical Euro Eq. 45 24 88% Bonds: KBC Ethical Euro Bds. 736 685 7% KBC Renta (7) 1,000 KBC Obli Euro 285 Mixed: KBC Global Ethic. Def. 167 146 21% Structured: KBC Sustainables (6) 427 Tailor made* 43 33 30% Total: 3,034 997 204%

10 SRI funds since 1992: KBC Eco Fund World (1992)
3. KBC AM approach SRI funds since 1992: KBC Eco Fund World (1992) is the oldest sustainable investment fund in Belgium Since 2002: First financial institution in Belgium to carry out research via own sustainable and socially responsible investment department to screen the relative sustainable and socially responsible character of companies and countries for inclusion in sustainable investment funds. to assist its clients in their choice of sustainable investments

11 3. KBC AM approach sustainable investments
from ‘ethical’ to ‘sustainable’ investments ethical investments • boycotts, ethical motivation • exclusion of certain sectors • focus on tight selection of social and environmental criteria • get even with the past (rather negative approach) sustainable investments • creation of shareholder value • best-in-class approach • integration of economic, social and environmental criteria • forward-looking (rather positive approach)

12 3. KBC AM approach Concept
1. Screening: Multicriteria referring to People Planet Profit Negative scoring on involvement with questionable practices Independency by • data provider EIRiS (independent research institute) • methodology approved and guaranteed by External advisory board • based on mathematic scoring model 2. Composition sustainable universe: Best-in-class per sector No exclusions (except aerospace & defense and tobacco) In house screening expertise 3. Stock picking: Independent from sustainability scores 4. Fund management: no difference with classical funds 5. Control / audit: Compliance server Regular checks by VED (KBC Bank) Yearly audit by Deloitte

13 3. KBC AM approach External advisory board
Independent body of experts, all academics from various Belgian and Dutch universities. Each member is a specialist in his/her particular discipline. Independent • Quality assurance of the methodology and research • Objective assessment of company and country profiles • Credibility 2. Environmental Advisory Committee (EAC) (since early ‘90s) Belgian environmental experts (four academics, one research director and one consultant), Screening of companies for the KBC Eco Fund family Expertise on composition of the criterion ‘environment’

14 3. KBC AM approach External advisory board
Composition of the External Advisory Board • president : Jaak Stokx, honorary director of Kredietbank, president of Hefboom, fellow-worker of of the Centre of Economisc and Ethics at the University of Leuven • Prof. Dr. Eva Brems, teaches Human Rights at the University of Gent • Prof. Dr. Hans Bruyninckx, teaches durable development at the University of Leuven • Prof. Dr. Luc Hens, director of the department Human Ecology at the University of Brussels and member of the federal council of durable development • Prof. Dr. Stefan Marysse, teaches International Relations in the Third World at the University of Antwerp • Prof. Dr. ir. Eric Tollens, teaches Agricultural Economy at the University of Leuven • Prof. Dr. emeritus Henk van Luijk, business ethics at the University of Nijenrode • Prof. Dr. Mieke Van Haegendoren, teaches employee relations at the University of Hasselt and is Vice-rector of the University Hasselt • Prof.Dr. Xavier Baeten, manager at Vlerick Leuven Ghent Management School • Prof.Dr. Kurt Devooght, teaches at Ehsal and is a worker at the Centre of Economics and Ethics at the University of Louvain.

15 4. Sustainability research in the investment process
Global universe regulations Strategical allocation Fund manager composes SRI fund Sustainable companies and countries Investable stocks and bonds Sustainable universe

16 4. Sustainability research screening of countries: criteria
economic performance, structure and policy • technological development (WEF) • public + company efficiency (IMD) • macro-economic performance (OECD) • good governance (World Bank) • corruption perception (Transp. Intl.) wellfare and security of the population • Human Development Index (3 items) (UN) • health care (WHO) • criminal record (UN) • labor security (ILO) equality and freedom of the population • Gini index: equality of income (UN) • Gender Empowerment Index (UN) • intergenerational solidarity (OECD) • political rights and civil liberties (FH) environment • ESI index (50% weight ) (WEF) • ratification, international environmental treaties (UN) • ecological footprint (WWF) international relations • commitment to development (Center for Global Developm.) • relative policy priorities (UN) • ratification, international HR & labour treaties (UN) Equal weighted criteria Independent data Yearly update 50% best – in -class

17 4. Sustainability research screening of countries: results
Turkey Mexico Romania Korea S Greece United States Bulgaria Poland Croatia Italy Lithuania Czech Rep. Latvia Slovakia Estonia Hungary Portugal Spain Japan France Belgium Slovenia UK Australia New Zeeland Germany Canada Ireland Austria Luxembourg Netherlands Switzerland Denmark Finland Sweden Norway Iceland

18 4. Sustainability research screening of companies: criteria
Economic performance Specific weighting subcriteria Economic + Customers/supplier relations policy Community involvement Equal weighted criteria Code of ethics Corporate Problems with legal framework + Composition of the board governance Deontology Stakeholder engagement Policy Management + Environment Reporting Independent data Biodiversity Performance Equal opportunities Trade unions and employee participation Internal Social + Job Creation policy Training Wage structure Yearly update Health & safety Global HR responsibility + HR responsibility concerning own staff Human Rights Supply Chain responsibility Bribery & corruption Alcohol Tobacco Continuous monitoring Gambling Controversial - Animal testing practices Genetic Engeneering Military Industry Nuclear power

19 4. Sustainability research screening of companies: selection
universe Global SRI universe Exclusion of: All tobacco- and defense companies “worst-in-class”-companies, • Score on corporate governance, environment, internal social policy OR human rights within 10% worse in the whole universe OR Score controversial practices < -14,5% Admitted companies: “best-in-class”-approach, • 40 % best scoring per sector • Oil & gas and mining: 20 % best The External Advisory Board can decide to exclude companies (temporarily) because of involvement in scandals or serious violations of one of the screening criteria.

20 4. Sustainability research Example
Company Total score Total score whithout controversial practises Economic policy Corporate governance and business ethics Environment Internal social policy Human rights Questionable practices and technologies Stora Enso 79% 88% 75% 71% 70% Bayer 74% 84% 80% 92% 94% 61% -10% Nippon Steel Corp. 56% 58% 65% 67% 17% -2% Du Pont de Nemours 50% 64% 42% -15% Dyson Group 16% 20% 25% 9% 8% 38% -3% 40% 60%

21 4. Sustainability research Global SRI Universe
Sector EUR JAP NAM PAC RoEUR ROW Total Energy 3 2 7 8 25 Materials 16 17 9 22 82 Industrials 27 34 21 65 1 156 Cons. Discr. 30 44 63 171 Cons. Staples 14 4 19 61 Health Care 12 64 Financials 53 20 48 217 Inform. Techn. 13 33 38 106 Telecom 6 26 Utilities 15 5 42 189 170 213 301 950

22 Transparency Example

23 5. Our SRI products overview
Bond or mixed funds: KBC IF Ethical Euro Bonds KBC Obli Euro – KBC Renta KBC IF Global Ethical Defensive 1 (80/20) Open Equity: KBC Eco Fund: • World • Alternative Energy • Water • Sustainable Euroland KBC IF Ethical Euro Equities Closed-end: KBC Equisafe Sustainables (institutional) KBC Equisafe Sustainables World (retail) Tailor-made sustainability or ethical screening

24 5. Our SRI products bond or mixed funds
KBC IF Ethical Euro Bonds (733 mio €) KBC Obli Euro (236 mio €) KBC IF Global Ethical Defensive 1 (80/20) (173 mio €) SRI-strategy: Gov. Bonds: Country selection Corporate bonds: Global SRI universe Equities: Global SRI universe Supranationals: automatically allowed Management strategy: Identical to ‘classic’ funds top-down approach Return Ethical Def Ethical Bonds 2006 2.70% 0.12% 2005 8.56% 4.12% 2004 6.35% 7.46% 2003 5.84% 4.41%

25 5. Our SRI products equity funds: KBC Eco Fund World
Global SRI Eco World SRI-strategy: Best-in-class on total SRI score Best-in-class on “environment”: • 40% best companies on environment ” • minimum “environmental score” of 60% no negative appreciation by Environmental Advisory Board Sustainable universe of 477 companies (since 2006) Management strategy: Benchmark MSCI World Top-down approach: • Regional allocation • Sectoral allocation • Stock picking Return Sharpe MSCI Eco World MSCI Eco World 2006 5% 7% 0.51 0.78 2005 24% 13% 2.44 1.40 2004 5% 0% 0.41 0.02 2003 5% 15% 0.30 0.79

26 5. Our SRI products equity funds: KBC Eco Fund Water
Global SRI Eco Water SRI-strategy: Screening by Environmental Advisory Board Substantial part of corporate activity in “water” Not affected by controversial practices concerning SRI No bottling companies Water universe: 89 companies Management strategy: Top-down approach Long term assessments quarterly Investing in IPO’s Stock picking: • Investment Requirements • Regulatory Environment • New Legislation • Emerging Technology • Valuation

27 5. Our SRI products equity funds: KBC Eco Fund Water

28 5. Our SRI products equity funds: KBC Eco Fund Alternative Energy
Global SRI Eco Alt.Ene. SRI-strategy: Screening by Environmental Advisory Board Substantial part of corporate activity in “alternative energy” Not affected by controversial practices concerning SRI Alt. en. universe: 106 companies Management strategy: Top-down approach Long term assessments quarterly Investing in IPO’s Stock picking: • Current Trends • Government Subsidies • New Legislation • Emerging Technology • Valuation Current Allocation of Fund 50.0% 40.0% % 30.0% 20.0% 10.0% 0.0% Utilities Wind Energy Solar Fuel Cells Microturbines Other Current Portfolio 29.2% 17.8% 15.1% 19.7% 3.8% 14.3% Longterm Targets 40% 20% 10% 15% 10% 5% Sector

29 5. Our SRI products equity funds: KBC Eco Fund Alternative Energy
Performance to benchmark 30% 25% 20% 8% 8% 10% 1% 0% -10% -11% -20% -18% -30% 2001 2002 2003 2004 2005 2006 KBC Eco Fund Alternative Energy

30 5. Our SRI products SRI-strategy: Global SRI EMU Global SRI universe
Management strategy: benchmark MSCI EMU Top-down approach Identical investment strategy to KBC IF Euro Equities (since 2006)

31 5. Our SRI products equity funds: KBC IF Ethical Euro Equities
Period Since 2005 nu Ethical Euro Ethical Euro Return -6.59% -3.92% 27.04% 27.10% St. deviation 24.04% 23.55% 12.39% 12.05% Sharpe -0.40 -0.25 2.18 2.25

32 5. Our SRI products tailor made products
Client defines own CSR criteria/ethical screens: Exclusion list (weapons,tobacco, engineering, human rights violations, breaches of conventions,…) Tailor made sustainable universe: • Additional screening criteria • Different selection criteria (best-in-class 20%) • Best-in-class (regional and small vs large cap neutral) Closed-end funds with capital protection: • Individualised baskets of companies • Selection criteria to be defined by customer

33 5. Our SRI products simulation 1: Green universe
Criteria: Basic SRI conditions plus: + BIC environment + no/low involvement ozone depleting chemicals + use of alternative energy + No unaddressed environmental allegations SIMULATION 1 Total EUR ROE NAM JAP PAC Basic conditions 950 183 318 219 166 64 BIC Environment -227 -35 -71 -88 -15 -18 No ozone depletion -6 -3 -2 -1 Alternative energy -595 -113 -200 -107 -139 -36 No Env. breaches Green Fund 122 32 45 23 12 10

34 5. Our SRI products Simulation 2: Business ethics universe
Criteria: Basic SRI conditions plus: + BIC business ethics & corp governance + no gambling + no anticonception/abortus related activities/products: + Pornography: no ‘adult entertainment’ services SIMULATION 2 Total EUR ROE NAM JAP PAC Basic conditions 950 183 318 219 166 64 BIC Corp Gov -54 -15 -15 -2 -20 -2 Gambling -7 -3 -2 -2 Anticonception -6 -2 -2 -2 Pornography -15 -6 -3 -1 -5 Ethical Fund 868 160 295 212 141 60

35 Eurosif Transparency Guidelines
web application: Sector ranking with the possibility to sort on the different partial scores Company fact sheet • sustainability scores • sustainability graph Studies: sector specific studies or studies on specific CSR-issues NGO - breakfast Biannual publication of ‘Monitor Duurzaam Beleggen’

36 KBC is pioneer in SRI and has a splendid track record
Conclusions SRI works: Growing demand for SRI funds SRI does not result in underperformance Tailor made products are possible KBC is pioneer in SRI and has a splendid track record

37 Ansprechpartner für Deutschland
KBC Bank Deutschland AG Fondsvertrieb/Asset Management Zentrale Bremen Niederlassung Frankfurt Wachtstr Voltastr. 81 28195 Bremen Frankfurt / Main Tel: (0) Fax: + 49 (0) Internet Zentrale Bremen Rainer Ottemann Thomas Meyer Tel: + 49 (0) Tel: + 49 (0) Niederlassung Frankfurt Arend van Itterbeek Axel Ullmann Tel.: + 49 (0) Tel.: + 49 (0) Peter Kruyniers Tel: +49 (0)

38 Ansprechpartner für Österreich
KBC Bank Deutschland AG Fondsvertrieb/Asset Management Zentrale Bremen Niederlassung Frankfurt Wachtstr Voltastr. 81 28195 Bremen Frankfurt / Main Tel: (0) Fax: + 49 (0) Internet Niederlassung Frankfurt Wilfried Marco Thoerner Tel.: + 49 (0) Zentrale Bremen Rainer Ottemann Sandra Eichler Tel: + 49 (0) Tel: + 49 (0)

39 Disclaimer Die Angaben in diesen Unterlagen gelten nicht als Angebot und dienen lediglich der Information. Für die Richtigkeit und Vollständigkeit des Inhalts wird keine Haftung oder Gewähr übernommen. Empfehlungen und Meinungen zu Fonds, Teilfonds oder Anteilsklassen, Märkten, zur generellen Marktentwicklung oder anderer Art sind die subjektive Ansicht der Verfasser und sind für KBC Asset Management NV nicht verpflichtend. Die Umsetzung von in diesen Unterlagen enthaltenen Fondsempfehlungen liegt immer in der alleinigen Verantwortung des Intermediärs bzw. Anlegers. Anlagen sollen erst nach der gründlichen Lektüre der aktuellen Versionen des ausführlichen Verkaufsprospektes, des Kurzprospektes (vereinfachter Prospekt), der Satzungen, der Jahresberichte und ggf. nachfolgender Halbjahresberichte sowie nach einer Beratung durch einen unabhängigen Finanz- und Steuerspezialisten getätigt werden. Die erwähnten Dokumente erhalten Sie kostenlos bei KBC Asset Management NV, Havenlaan 2, 1080 Brüssel (Belgien), im Internet (www.kbcfonds.de/www.kbcfonds.at) oder bei den unten angegebenen Adressen. Der Wert und die Rendite der Anteile können fallen und steigen. Sie werden durch die Marktvolatilität sowie durch Wechselkursschwankungen beeinflusst. Die vergangene Performance ist kein Indikator für die laufende oder künftige Wertentwicklung. Die Performancewerte sind ohne die bei Ausgabe und Rücknahme von Anteilen anfallenden Kommissionen und Kosten gerechnet. Die Aufteilung nach Branchen, Ländern und Währungen und die einzelnen Positionen sowie ggf. angegebene Benchmarks können sich jederzeit im Rahmen der im ausführlichen Verkaufsprospekt festgelegten Anlagepolitik ändern. Die folgenden Umbrella-Fonds sind grundsätzlich zum Vertrieb in Deutschland und Österreich zugelassen: KBC Bonds Sicav, KBC Renta Sicav, ACCESS Fund Sicav, Europartners Multi Investment Fund Sicav, KBC Eco Fund Bevek und KBC Equity Fund Bevek (letzterer ist nicht in Österreich zum öffentlichen Vertrieb registriert). In Ländern, in denen ein Fonds oder Teilfonds noch nicht zum öffentlichen Vertrieb registriert ist, ist der Verkauf von Anteilen nur im Rahmen von Privatplatzierungen bzw. im institutionellen Bereich und unter Beachtung der anwendbaren lokalen Gesetzgebung möglich. Namentlich sind die Fonds der KBC Asset Management NV nicht in den Vereinigten Staaten und ihren abhängigen Territorien registriert und dürfen daher dort weder angeboten noch verkauft werden. DEUTSCHLAND: Die zuvor genannten EU-harmonisierten Fonds der KBC Asset Management NV nach Luxemburger Recht (Sicav) und nach Belgischem Recht (Bevek) sind in Deutschland zum öffentlichen Vertrieb berechtigt. Zahl- und Informationsstelle: KBC Bank Deutschland AG, Wachtstr. 16, Bremen. ÖSTERREICH: Die zuvor genannten EU-harmonisierten Fonds der KBC Asset Management NV nach Luxemburger Recht (Sicav) und nach Belgischem Recht (Bevek) sind mit Ausnahme des KBC Equity Fund in Österreich zum öffentlichen Vertrieb berechtigt. Zahlstelle: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, 1010 Wien.


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