July 2022
SUSTAINABLE
INVESTMENT
SECURITY UNDER THE ASPECT OF SUSTAINABILITY
PAGE 04 ASSESSING THE SUSTAINABILITY OF COUNTRIES
PAGE 10 DISCUSSION: CAN WEAPONS SECURE PEACE?
PAGE 12
A marketing communication of Raiffeisen Kapitalanlage GmbH
CONTENTS PUBLICATION INFORMATION Media proprietor: Zentrale Raiffeisen Werbung A-1030 Vienna, Am Stadtpark Published and created by: Raiffeisen Kapitalanlage GmbH Mooslackengasse 12, A-1190 Vienna Responsible for the content: Raiffeisen Kapitalanlage GmbH Mooslackengasse 12, A-1190 Vienna www.rcm.at/nachhaltigkeit
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EDITORIAL
04
LEAD ARTICLE
04
SECURITY UNDER THE ASPECT OF SUSTAINABILITY
General orientation: Information on the topics of investment funds, securities, capital markets, and investment; additional information pursuant to the Austrian Media Act can be found in the publication information at www.rcm.at. Project coordination: Irene Fragner, Sabine Macha Authors: Gernot Mayr, Pia Oberhauser, Herbert Perus, Wolfgang Pinner, Magdalena Quell Photos: iStockphoto (p. 04, p. 06, p. 07, p. 08, p. 09, p. 14, p. 21, p. 22, p. 23, p. 24, p. 26), Lichtblickhof (p. 28, p. 29), Meinrad Hofer, Roland Rudolph, matzke-Foto, privat (p. 12, p. 14), Raiffeisen KAG (p. 03, p. 05, p. 11, p. 12, p. 20, p. 27) Graphic design: [WORX] Multimedia Consulting GmbH Editorial deadline: 30 June 2022
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SPECIAL ASSESSING THE SUSTAINABILITY OF COUNTRIES
12
RESEARCH
12
DISCUSSION: CAN WEAPONS SECURE PEACE?
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INFO BOX: SDG 16
20
CORPORATE VOICES ON CYBERSECURITY
24
COMPANY SPOTLIGHT
28
CORPORATE VOLUNTEERING
CONTENTS
This is a marketing communication of Raiffeisen Kapitalanlage GmbH. Raiffeisen Capital Management ist the umbrella brand of the following companies: Raiffeisen Kapitalanlage GmbH Raiffeisen Immobilien Kapitalanlage GmbH Raiffeisen Salzburg Invest GmbH Disclaimer Investments in funds involve higher risks, up to and including loss of capital. This document was prepared and designed by Raiffeisen Kapitalanlage-Gesellschaft m. b. H., Vienna, Austria (“Raiffeisen Capital Management” or “Raiffeisen KAG”). Despite careful research, the statements contained herein are intended as non-binding information for our customers and are based on the knowledge of the staff responsible for preparing these materials as of the time of preparation and are subject to change by Raiffeisen KAG at any time without further notice. Raiffeisen KAG assumes no liability whatsoever in relation to this document, in particular with regard to its timeliness, accuracy, or completeness. Similarly, any forecasts or simulations of earlier performance presented in this document do not provide a reliable indication of future performance. This document is neither an offer nor a recommendation to buy or sell, nor an investment analysis. It is not intended for use in lieu of investment advice or other consultation. If you are interested in a specific product, we and your bank advisor will be happy to provide you with the complete prospectus or the information for investors pursuant to § 21 AIFMG prior to purchase. No specific investments should be made until after a consultation and discussion, and after having reviewed the prospectus and the information for investors pursuant to § 21 AIFMG. It is expressly noted that securities transactions can involve significant risks and that taxation of such depends on personal circumstances and is subject to change in the future. Reproduction of the information or data, in particular the use of texts, text sections, or graphic material from this document, requires the prior written consent of Raiffeisen Kapitalanlage GmbH.
EDITORIAL
Dieter Aigner Managing Director of Raiffeisen KAG, responsible for fund management and sustainability
Dear Readers,
The war in Ukraine has plainly shown us
– Peace, justice and strong institutions.
to set boundaries. And in order to have
how fragile peace is. At the same time, it is
This previously rather abstract goal has
as solid an argumentative basis for these
forcing us to reflect on the structures we
noticeably come to the fore recently, with
boundaries as possible, it requires an in-
as societies have to promote in order to
vigorous discussions of whether and how
tensive analysis of complex, in part val-
create or at least maintain peace. Strong
it can be achieved.
ues-based questions. This applies to the issues of peace and justice discussed here,
military defence systems appear to be the order of the day in light of the aggressive-
The defence industry is positioning itself
but also to many other areas, such as the
ness of an unpredictable opponent.
in the role of peacemaker in these dis-
energy transition, the food crisis, or the
cussions. The arms lobby sees an oppor-
scarcity of resources – and these are just
But we also need strong institutions, an
tunity and is pulling out all the stops to
a few examples. It is becoming increasing-
independent justice system, political al-
improve the sector’s image and position
ly clear to us that one of the central cores
liances, and economic cooperation on a
itself as “sustainable”. In fact, the defence
of sustainable investment is the deep ex-
level playing field – in other words, strong
industry is going as far as to try to argue
amination of issues such as these in order
democratic structures. Together, these
its way into the EU’s social taxonomy that
to find answers to complex questions.
components form the foundation upon
is currently in development.
We aim to address these important, often existential issues and initiate discus-
which peace and justice can be built. To this end, the United Nations has de-
All of this is another reminder of how
sions about them with SUSTAINABLE
fined Sustainable Development Goal 16
important it is for sustainable investors
INVESTMENT magazine.
EDITORIAL
03
SECURITY UNDER THE ASPECT OF
§
You can find out more about Sustainable Development Goal 16 on pages 18–19.
04
LEAD ARTICLE
Various crises – above all the war in Ukraine – have fundamentally shaken many people’s faith in the possibility of peaceful coexistence in Europe. Many people are talking about the so-called fruits of peace at the moment. Expressed in blunt terms, the argument is that many European countries did not make the necessary investments in military structures and are now being forced to play catch-up. However, security architecture encompasses much more than just traditional national defence. This article examines matters of social cohesion, security of supply, and other issues that are relevant for a country’s security architecture from the perspective of sustainable investment. Along with other aspects, sustainable
is becoming increasingly impor tant for
investment is rooted in an ethical, mor-
the overall market. One answer can be
ally oriented approach to investment.
found in the dynamic development of
As such, the notion of avoiding military
sustainable investment styles in recent
conflicts and the meaningful repurposing
years and decades. In today’s “sustaina-
of government spending away from the
ble investment world”, the fundamental
production of war materials in favour of
values of ethical investment mentioned
financing social development was one of
above have lost a significant amount of
the core ideas of responsible investment
impor tance in favour of environmental
from the very beginning.
and social issues.
INFLUENCE OF SUSTAINABLE INVESTMENTS
Negative criteria or exclusion criteria that
At times, the question arises of whether
processes today are primarily related to
a gap is forming between a sustainable
sustainability and are based on ESG fac-
perspective in general – and sustaina-
tors. Sets of criteria are a way to reduce
ble investments in par ticular – and the
risks. And reputational risks connected
real world, also when it comes to the
with violations of labour rights and human
financial system. Because responsible
rights or the risk of lawsuits in connec-
investments now have a great deal of
tion with controversies or contentious
impor tance on the financial markets,
products or services are among the most
the behaviour of sustainable managers
frequently cited aspects of risk mitigation.
are applied in the course of investment
SUSTAINABILITY Criteria catalogues have been supple-
making an appropriate sustainable im-
mented with “more modern” approaches
pact. Naturally, the latter aspect of impact
to sustainable investment for several dec-
must also be seen in connection with var-
ades. The detailed ESG quality analysis of
ious investment objectives. Because mak-
the investment universe – also referred
ing an impact can be supported through
to as the best-in-class approach – is a key
the application of a criteria catalogue, the
topic here, just like active shareholder en-
implementation of sustainability analysis
gagement – including corporate dialogue
in the portfolio composition process, and
and the exercise of voting rights – and
shareholder engagement practices.
Wolfgang Pinner Head of Responsible Investment at Raiffeisen KAG
Chart: Focuses of sustainable investment styles Sustainable investment styles Traditional investment
Exclusion
Best in class, ESG integration
Exercise of voting rights and Theme-based investment engagement
Impact investment
Philanthropy
Negative effects on ESG topics are avoided and ESG risks reduced. Investments are oriented towards personal values.
ESG-related investment opportunities are utilised. Sustainability focus
No explicit consideration of ESG effects
Solely focused on ESG topics
Active pursuit of a positive effect on ESG topics Investments that solve a social/ environmental problem are actively selected.
Solely focused Financial on financial risk/ risk/ return profile return profile
Financial risk/return profile at market level
Risk/return of lesser importance
No financial goal
Source: Raiffeisen Kapitalanlage-Gesellschaft m.b.H. 2022
LEAD ARTICLE
05
SECURITY UNDER THE ASPECT OF SUSTAINABILITY
06
LEAD ARTICLE
§ The objective of sustainable investment
ten also populist developments. The pro-
is generally geared towards consciously
tection of proper ty is a cornerstone for
suppor ting sustainable topics, and, ac-
a prosperous economy in market-based
cordingly, promoting future-proof devel-
systems, but it is also a key aspect in the
opments and targeted investment – and
discourse surrounding fairness, if one
is thus potentially not in harmony with
assumes that proper ty was created law-
the topic of sustainability per se. It’s ul-
fully. The transition to a fairer world can
timately about suppor ting development
only take place within structures that are
towards “a world we wish we had”,
based on the rule of law.
which does not have to conform to the current structures.
A RE-EXAMINATION OF SECURITY
SECURITY OF SUPPLY
Beyond military-related national defence, the security architecture also serves in the asser tion and protection of many
The objective described above is often
interests that are not connected to the
the subject of more or less intense dis-
military. In a globalised world, a country’s
cussions, depending on current events.
ability to supply its domestic economy
The war of aggression against Ukraine
with raw materials and input materials is
that began in February is leading to talk
an essential topic. In the case of scarce
of a paradigm shift with regard to the
resources, ensuring this type of security
pacifistic attitude of sustainable inves-
of supply is also a question of the clout
tors. In general, it seems necessary to
of individual nations or groups of coun-
rethink the security architecture at the
tries acting in concer t. Economic power
global level. And the close proximity of
and military power play a key role in this
the conflict makes the topic that much
context. Exer ting political influence on
more relevant for the European dis-
economic agendas has a long tradition,
course.
but should not be seen as giving coun-
SUSTAINABLE INVESTMENT | July 2022
§
tries car te blanche for national egotism. Legal cer tainty and compliance with in-
Protectionist tendencies have also never
ternational treaties represent key com-
proven successful in the past.
ponents of a security architecture. Any restriction of ownership rights without
The vulnerability of our highly net-
legal title must be prevented in order to
worked, international system of trade
counteract the rise of anarchistic and of-
flows has been demonstrated time and
LEAD ARTICLE
07
SECURITY UNDER THE ASPECT OF SUSTAINABILITY
§
again in the last few years and decades.
regarding the redistribution of wealth.
In the very recent past, the pandemic
The current high inflation rate is leading
and the Ukraine crisis have revealed the
to fierce debates surrounding price in-
limits of globalisation, including supply
creases for a wide range of products and
chains that are extremely inter twined
services. The affordability of everyday
with one another. A trend towards main-
goods and services is becoming increas-
taining inventories at the lowest possible
ingly precarious for cer tain segments of
level and just-in-time production com-
the population. Political decision makers
bined with simultaneous profit optimisa-
have to avoid turning to overly simple,
tion by way of location cost optimisation
populist answers to complex questions.
led to an entirely unprecedented degree of vulnerability in globalised production
A functioning security architecture is
processes.
unimaginable without protection against cyberattacks and the misuse of data. The
08
LEAD ARTICLE
At the level of the citizens of a country,
importance of cybersecurity is illustrated
security is not just associated with the
time and time again by attacks originat-
supply of vital products and services but
ing from and aimed at the Internet. Giant
also with how affordable they are. As-
tech companies collect massive amounts
pects such as access to clean water, the
of private data, which alarms data protec-
availability of energy and electricity, and
tion activists. Then there is the security
the maintenance of medical infrastruc-
of the truthfulness of the content provid-
ture are tremendously impor tant. In this
ed by information services. It is getting
context, the globalised production of
more and more difficult to differentiate
medications also became a major issue
between information and disinformation,
in the fight against the worldwide pan-
and objective reporting in the media is
demic over the past two years.
becoming a rare commodity.
Political and social security are among
From the perspective of sustainability,
the most valuable goods in a democratic
many aspects of the security architec-
system. Every kind of social unrest and
ture are absolutely crucial for the goal
social division must be prevented. The
of a “new, sustainable world” described
discussion surrounding mandatory vacci-
above. The discussion shows that sus-
nation demonstrated how quickly social
tainable investment is to be seen as
consensus can be lost. The goal of so-
“positive capitalism”. Principles such as
cial justice is connected with a discourse
legal cer tainty, free trade, and the se-
SUSTAINABLE INVESTMENT | July 2022
curity of supply chains form an essential foundation for sustainable development so that social justice or the reliable supply of people’s basic needs can be ensured.
INTERNATIONAL REGIMES
International regimes are a central component for lasting peace and increasing global prosperity. They offer a framework for the resolution of conflicts and the reconciliation of interests. Here are a few relevant examples:
International trade e.g. World Trade Organization, covers roughly 98% of global trade
Regime for labour and social standards e.g. International Labour Organization protocols
Environmental regimes e.g. Paris Agreement as a binding climate protection agreement according to international law, United Nations Convention on the Law of the Sea, which is designed to regulate all marine and maritime activities
Disarmament and arms control e.g. Missile Technology Control Regime
Human rights regime of the United Nations e.g. Universal Declaration of Human Rights, UN Convention on the Rights of the Child, Geneva Convention Relating to the Status of Refugees
LEAD ARTICLE
09
PEACE, PEACE-KEEPING, JUSTICE
Raiffeisen
Capital
Management
ASSESSING THE SUST INABILITY has
There are now a number of established models for assessing the sustainability of companies, but how can the sustainability of countries be evaluated? Traditional corporate key performance indicators clearly do not apply here. Particularly for bond funds with a high share of government bonds, this question is especially important.
adopted a comprehensive ESG approach. Every country is rated in the form of a score, a sovereign ESG indicator. This rating is intended to cover all impor tant ESG aspects (environmental, social, and governance) and provide an overall idea of how sustainably a country
and their actions towards the environ-
One example of a factor is carbon emis-
acts. The indicator is calculated for the
ment and their citizens. These topics are
sions per capita, which are assigned to
roughly 120 countries that are included
represented by so-called factors, which
the category of climate change under the
in the investment focus and for which
are quantitatively available data or time
environmental meta category. The higher
sufficient information is available.
series. These factors must meet certain
the emissions, the lower the contribution
quality criteria pertaining to their availa-
to the overall indicator. Naturally, this fac-
In order to assess countries based on ESG
bility, history, update frequency, scope,
tor alone would not be nearly sufficient
criteria, various topics were identified
and consistency as well as the integrity
to measure a country’s share in climate
that are intended to provide an indica-
and reputation of the source. Every factor
change. Therefore, each category includes
tion of how sustainably countries conduct
that is used is assigned to a meta category
numerous factors in order to get as accu-
themselves in terms of both their laws
and underlying categories:
rate a picture as possible of a country’s “conduct”.
Chart: ESG factors for countries
One example for the the social aspect is the Gini index – a factor assigned to the category of justice under the social meta category. The Gini index measures the inequality of the distribution of income in a country. A value of 0 would represent
Environmental
Social
Governance
Biodiversity
Basic needs
Institutions
Climate protection/change
Justice
Politics
Resources
Human capital
Finances
but in the sovereign ESG indicator it is as-
Environmental protection
Satisfaction
Transparency
more positive impact from a sustainability
completely equal distribution, while 1 would indicate completely unequal distribution. The subject of how equal incomes should be can be debated at great length, sumed that “more equal” incomes have a perspective.
Source: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., May 2022
10
SPECIAL
OF COUNTRIES
Gernot Mayr Senior fund manager at Raiffeisen KAG
The final example is an estimation of the
egory must be assigned a weighting that
data in many areas, and some topics can-
tendency towards corruption in various
reflects its “importance” in the overall
not be measured at all or only with a sig-
countries
A
indicator. Together, the factors result in a
nificant delay. The political developments
lower tendency towards corruption has
(governance/institutions).
value between 0 and 100 for each country,
of recent months show that the topic of
a more positive influence on the indicator
with 0 representing the minimum level of
security architecture is most likely under-
than a higher tendency.
ESG alignment and 100 the relative maxi-
represented in the indicator. While the
mum (based on the country comparison).
scores of Russia, Belarus, and Ukraine
The factors are often based on data that is
have dropped considerably, convention-
released annually. Market data such as the
It is not surprising that the developed coun-
al concepts such as “The lower a coun-
prices of market-traded securities is not
tries, and particularly those in northern Eu-
try’s defence spending, the better it is in
used. The indicator does not use any pro-
rope, have the best scores. The advantages of
terms of sustainability” are presumably no
jections for future data, but only historical
the developed countries primarily come from
longer in keeping with the times. The lat-
data that has already been released. The
the social and governance factors, while the
ter example clearly shows that a country
data for each country is generally assessed
split is less clear for the environmental factors.
assessment and thus also the sovereign
in comparison with the other countries
ESG indicator used by Raiffeisen Capital
and the scores are aggregated. Finally, each
The quantitative assessment of ESG cate-
Management must be a living process that
individual factor and thus each (meta) cat-
gories has its limitations. There is a lack of
is refined on an ongoing basis.
Chart: Raiffeisen Capital Management sovereign ESG indicator
–
No data 86.13
29.06
Source: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., May 2022
SPECIAL
11
Virtual round-table discussion about the significance of the Moderated by Dieter Aigner, Managing Director of Raiffeisen KAG
defence industry for maintaining peace and whether this makes it sustainable.
Christian Klein Professor of sustainable finance, University of Kassel, and Mercator Sustainable Finance Research Platform
Ulrike Lohr Research associate, Süd-Wind, Bonn
Wolfgang Müller-Funk Literature and cultural theorist, Vienna. He worked as a professor of cultural studies in Birmingham and Vienna.
Herbert Perus Sustainability Office, Raiffeisen KAG, Vienna
Peace around the world – this would pre-
Wolfgang Müller-Funk: I merely want to
sumably be the ideal state. But we are a
quote the former Russian prime minister
long ways off from achieving it. And now we
Kasyanov, who said that if Ukraine falls,
are seeing social tensions and economic re-
the Baltic will fall as well. This means that
distribution to a higher degree. Mr Müller-
we are facing a very dangerous situation,
Funk, you are a professed supporter of de-
and the fear that Putin is spreading is a
fensive democracy. Do we need weapons to
very important weapon in the battle with
achieve peace?
the West. It’s not just about the fact that
Wolfgang Müller-Funk: I could make it
cities are being bombed, but also the fact
easy on myself now and say: Yes, we do.
that an entire order of peace was de-
I think that the West failed to perceive
stroyed. An order that was not created
the change in reality after 1989 or at the
out of love between the Soviet Union and
latest after the year 2000. The Austrian
the West, but was at least a partnership
author Heimito von Doderer coined the
one could rely on to a certain extent.
term “apperception denial”, and this is
This partnership is over. There can only
precisely what I see here. In retrospect, I
be a new order of security if this regime
unfortunately have to say that the condi-
in Moscow falls. Then it would be possible
tions for the possibility of peace in Europe
to initiate a discussion with a post-author-
were linked to the nuclear stalemate and
itarian regime. This means that we must
the fact that there was a sort of security
be interested in ensuring that Ukraine
partnership in place. Now, I don’t want to
does not fall and that there is a democrat-
romanticise communist rule – far from it.
ic transformation in Russia at some point
But there was a certain need for peace-
– also from the perspective of global envi-
ful exchange. The communist leadership
ronmental challenges. With an opponent
was not revisionist. But now we are fac-
like Putin, who sees any support for peace
ing a regime that is clearly revisionist, that
as a weakness and takes advantage of it,
wants to establish a Third Reich. And I say
this is not possible.
that very intentionally. Russia is threatening to use nuclear weap-
12
ROUND-TABLE-DISCUSSION
Are you comparing Putin’s ambitions to
ons. How much room to manoeuvre does
those of the Third Reich?
this leave?
SUSTAINABLE INVESTMENT | July 2022
CAN WEAPONS SECURE PEACE? Wolfgang Müller-Funk: Let me pose a
and also weapons. However, I do want to
sition defence companies as sustainable in
counterquestion: If Putin is successful in
draw a bit of a distinction here: A defen-
the EU taxonomy against the backdrop of
Ukraine and then marches into the Baltic
sive democracy needs not only military
the war in Ukraine. Is this a justified un-
or Moldova, will the West simply leave
equipment but also strong political alli-
dertaking?
these areas to Russia out of fear of nu-
ances and economic ties based on equal
Christian Klein: I am actually surprised
clear weapons? A system that is not will-
partnerships rather than dependencies.
by this discussion and I wonder – to put
ing to defend itself is generally doomed
We are currently seeing this with Swe-
it mildly – what defence companies are
to become extinct. This means that if the
den and Finland, for example, who want
after in the Taxonomy Regulation. When
West does not take any visible steps to
to join NATO. The current discussion in
we talk about sustainability – and in this
counteract this, the situation looks very,
Germany is focused on the realisation
case about SDG 16, which addresses
very difficult in my opinion. But I also do
that too little was invested in the mili-
peace and justice – I do ask myself what
not believe that the military complex in
tary. So now we need to spend EUR 100
weapons have to do with it. In my opin-
Russia would go along with such an ad-
billion as quickly as possible. But there is
ion, it’s very dangerous to mix things
venture on the part of Putin so easily and
no discussion about what type of warfare
up here, namely to believe that there is
automatically. Pacifism is not innocent in
we actually want to engage in. This re-
only “sustainable” and “not sustainable”,
every context. It’s a difficult question, but
lates to internationally banned weapons,
or green and brown. Because green and
as long as Putin is spreading this fear even
weapons of mass destruction, the export
brown aren’t all that exist – there’s also
just by threatening and thus putting the
of armaments to warring countries, and
colourless. The standard example I always
West into a state of paralysis, this war will
illegal arms sales. How is it possible that
give here is the hairdresser who wants
continue to go in his favour.
German weapons ended up in the Yemen
to know why he isn’t included in the EU
war? I don’t see this debate taking place
taxonomy because what he does isn’t
We heard that pacifism is not innocent in
anywhere. Yes, we have to increase our
bad, after all. The answer is because his
every context. What do you have to say
military capabilities. But we also have to
business isn’t directly related to climate
about that, Ms Lohr?
discuss at what price and what we want
change. That’s why cutting hair isn’t on
Ulrike Lohr: At any rate, I have to agree
and what we don’t. Do we want auton-
the list of funded actions. The hairdresser
with Mr Müller-Funk that the Ukraine
omous weapons systems? I would say no.
is a classic case of a colourless business.
war was an eye-opener for us in West-
We have to be defensive, but we also
ern Europe. Western democracies did
have to define where the red lines are.
not want to see certain things and failed
But the defence industry is certainly brown…
to recognise that part of a defensive de-
The arms lobby sees an opportunity in light
Christian Klein: What’s happening now in
mocracy is having a functioning military
of such discussions and is now trying to po-
the area of sustainable finance? The goal
ROUND-TABLE-DISCUSSION
13
Dieter Aigner conferencing with Christian Klein, Ulrike Lohr, Wolfgang Müller-Funk and Herbert Perus
here is to redirect capital from the brown
assessment in the course of the develop-
segment to the green segment. We can
ment of the EU’s social taxonomy?
debate all we want to about whether
Ulrike Lohr: The demands by the arms
weapons, which have been brown up
lobby are nothing new. Even before we
to now – maybe we’ll need them to a
star ted talking about the taxonomy,
greater extent in the future after all – are
they railed against the ESG criteria and
now colourless. But at the end of the day,
tried to argue their way into sustainabil-
when we talk about whether weapons
ity funds based on the premise that the
are sustainable, in the context of the fi-
defence industry creates peace. Because
nancial market it’s not just about whether
the sustainability market was still a niche
you provide financing for weapons but
at that point, however, the discussion
whether you possibly even promote them
never really attracted any attention. The
financially. And then the hairdresser justi-
remarkable thing about the taxonomy
fiably wonders why arms producers are
that’s already in force is that, for the first
now being offered better financing con-
time, binding standards were defined for
ditions while he only has access to a nor-
what is ecologically sensible and what is
mal loan. To me, it’s astounding what the
classified as a transformation technolo-
arms lobby is trying to do here. Because
gy. When it comes to the environment,
one thing is certain in my opinion: If we
the scientific findings mean that this is
tell end consumers that the EU Commis-
relatively well researched and can be
sion and a few banks have decided that
backed up by scientific data. In the social
arms are now sustainable, they will pull
segment, it’s a much more difficult un-
their money out of sustainable invest-
der taking to develop similar standards,
ments. Because surveys show that end
although there are also many socially
consumers absolutely do not consider
positive activities such as the construc-
child labour, weapons, or environmental
tion of hospitals, the COVID-19 vaccine,
pollution to be sustainable.
or universally accessible health care services. There are many business activities
14
CAN WEAPONS SECURE PEACE?
Credibility is being put to the test. How have
with a positive social impact to which we
things gone so far that the defence industry
as a society would like to see money di-
is now demanding a positive sustainability
ver ted. But this has to be appropriately
SUSTAINABLE INVESTMENT | July 2022
defined. And that’s what the social tax-
ly excluded. The taxonomy is aimed at
enues fall into this segment. It’s more
onomy can achieve: ensuring that funds
defining where we want to go and what
difficult to arrive at an assessment in
are funnelled into this area, into socially
is social based on recognised standards.
the case of dual-use products, which
positive economic activities defined by
However, the defence industry wants to
can also be used in a military context
the EU. It goes without saying that it’s
reframe the standard for its own pur-
but not exclusively, such as helicopters.
difficult.
poses because it would then receive
In this case, we defined a revenue limit
better financing conditions. But this is
of 5% of the company’s total revenue.
And how does the defence industry think it
not a valid argument. Because SDG 16
This means that we exclude companies
fits into this?
“Peace, justice and strong institutions”
that generate more than 5% of their
Ulrike Lohr: By presenting false argu-
by no means calls for the military to be
revenue with products that can also
ments. Since the social taxonomy can-
expanded – but very much espouses
be used in a weapons/military context.
not operate with scientifically substan-
a significant reduction of illegal arms
This per tains to over 100 companies
tiated figures, the people developing it
flows. If the social taxonomy were not
from a universe comprising roughly
very wisely decided to use international
based on international conventions,
2,600 names.
conventions and standards as the basis.
the hairdresser could also claim that he
It’s not intended to be moral window
makes a contribution to social peace.
How can credibility be maintained in this
dressing, but a set of rules that is orient-
We too believe that the taxonomy will
context?
ed towards international requirements
be dead if the defence industry is in-
Herber t Perus: Cer tifications – such as
of the UN and EU that were developed
cluded.
the FNG Seal or the Austrian Ecolabel
into recognised standards through years
– play a very impor tant role in our indus-
of discussions and battles. This is also in-
Are defence companies even a topic of in-
try. They are essentially objective proof
tended to ensure that the rules are rec-
terest for sustainable investors?
of the fact that we act sustainably. The
ognised by the market. Based on these
Herber t Perus: As a sustainable fund
awarding process follows very clear re-
guidelines, so-called banned weapons
company, we do not invest in the de-
quirements that have to be met and that
such as atomic, biological, or chemical
fence industry. Our customers justifia-
we are also happy to meet. In addition,
weapons have a negative rating and oth-
bly expect this of us, and it is also in line
we maintain a very active exchange with
er weapons are neutral. And this would
with our own values. Companies that
the companies and conduct engagement
also be the case in the social taxonomy.
produce controversial or banned weap-
activities. This means that we ask the
This would mean that defence would
ons are fully excluded, and there are no
issuers directly about the sustainability
not be negative per se, but that cer tain
compromises here, not even if only a
strategies they follow. Making an impact
defence activities would be complete-
small percentage of the company’s rev-
is a very high priority for us.
ROUND-TABLE-DISCUSSION
15
ROUNDTABLEDISCUSSION
What will the discussion come down to? Will
of war and peace as well as the matter of
this be the acid test for the social taxonomy?
preserving our democracy. There’s also an
Christian Klein: Particularly when we talk
ecology of the mind, as Gregory Bateson
about sustainability in the social sphere, it’s
once called it. Maybe there’s also a kind of
about values. And when it comes to val-
sustainability in other areas. If this type of
ues, there are naturally different approach-
thinking, of taxonomy, that you praise so
es, which is also okay. Does pork belong
highly is so efficient, I can imagine that we
in a sustainability fund? A Muslim will see
could also discuss whether it can also be
this differently than a Christian. And that’s
applied to other areas. I think that we’re
perfectly fine. Some people see things one
obligated to vehemently defend our polit-
way, and others see them differently. And
ical way of thinking – human rights, liber-
if you were to ask me whether there’s a
al democracy, and everything associated
chance for a reasonable discussion or
with it, protecting minorities, and so on.
possibly even a solution, I’d say: Yes, the
A society that isn’t willing to defend these
solution is the taxonomy. And that’s why
things has ultimately lost. This applies to
the taxonomy is so extremely important
the environment and the political situation
and also why the discussions we’re having
we currently find ourselves in.
about it right now are so relevant. I’m a huge fan of the taxonomy. I bet that re-
Ulrike Lohr: One fundamental problem
gardless of what problem we take on in
that I’d like to touch on is the fact that
the area of sustainable finance and invest-
a tank doesn’t distinguish between good
ment, the taxonomy will be able to solve it.
and evil. It always depends on who’s using it. This means that, according to
16
CAN WEAPONS SECURE PEACE?
An impassioned speech in favour of the tax-
your perspective and perhaps based on
onomy…
sustainability aspects, we could produce
Wolfgang Müller-Funk: I’m not a specialist
armaments in order to maintain peace.
for sustainability or the taxonomy. But lis-
But reality shows that German weapons
tening to this discussion makes me wonder
– whether due to illegal trading or due to
if it wouldn’t be possible to transfer sus-
political considerations – also repeatedly
tainability to other areas. Such as the areas
end up in crisis regions, where they cause
„
SUSTAINABLE INVESTMENT | July 2022
“We cannot meet these challenges defensively. We have to take the offensive and fight for democracy and its values.”
endless suffering and fuel armed conflicts.
Herbert Perus: From an investment per-
calls for responsibility, exper tise, but
Yes, we have to think about this and make
spective, I wish that this surge of money
also courage. We have to do everything
a political decision about how we want to
that is flowing into sustainability will not
in our power to counteract the internal
organise ourselves as a defensive democ-
dissipate and that sustainable investment
and external opponents of our liberal
racy, but I for one do not want this to be
will expand even further among investors
values. Democratically oriented socie-
mistaken for a discussion about social sus-
– from a relative minority to a relative
ties are better equipped to solve prob-
tainability in financial flows, because that’s
majority. Because only then can we redi-
lems, even if they may appear slower at
actually a completely different issue.
rect significant capital flows and make a
first glance. We have to make compro-
true impact.
mises, we have to argue. But I have faith in the ability of representative democra-
Let’s move on to our final round. What do you feel is particularly important to mention
Ulrike Lohr: I hope that policymakers are
cy to solve political problems and to bal-
at this point in the findings?
decisive in the definition and implemen-
ance out any social hardships associated
Christian Klein: The social taxonomy was
tation of the social taxonomy because
with this. I don’t believe that any of this
developed by independent experts who
otherwise these effor ts will remain hob-
is free; it will be painful and expensive
volunteered and put in an unbelievable
bled. I also wish for a stronger focus in
from the standpoint of sustainability in
amount of work. I would wish that the
general on achieving the SDGs. More
the shor t term. It’s difficult. But I also
political decisionmakers do not add total-
than ever – also in light of all the crises in
don’t think that dictatorships can better
ly different aspects now in the final stages.
the world – we need money to flow to
overcome global climate crises. With this
Because then there’s a risk that this type
the Global South in a way that reduces
in mind, I hope that we strengthen our
of policy will be robbed of its credibili-
inequalities and strengthens local com-
democratic values and wisely consider
ty even if no one is forced to invest in
munities.
how we defend ourselves. Violence has a self-destructive power and may lead
the defence industry just because it is included in the taxonomy. Thus, I think it
Can humanity succeed in making the world
us to destroy ourselves as well. The mil-
would be good to keep the greater goal
a peaceful place?
itarisation of society is something highly
in perspective here, namely sustainabil-
Wolfgang Müller-Funk: There is an obli-
problematic for a democracy. I think we
ity: We want to achieve the SDGs. We
gation to stay optimistic, and I’d like to
have a need for a level-headed political
want to save the world. Political interests
advocate this here. I have to disagree
approach. We cannot meet these chal-
should shift into the background a bit. In
with Mr Klein on one point: I’d like to
lenges defensively. We have to take the
my opinion, more grassroots democracy
see more politics and less grassroots de-
offensive and fight for democracy and its
and less politics would be desirable here.
mocracy. I think we’re in a situation that
values.
* Neue Grundschulen
Editorial revision: Pia Oberhauser
ROUND-TABLE-DISCUSSION
17
SUSTAINABLE DEVELOPMENT GOAL 16 (SDG 16): Peace, justice and strong institutions
18
SDG 16
Nachhaltig Investieren SUSTAINABLE | Dezember INVESTMENT 2019||July Ausg. 2022 26
The geopolitical developments in the past few months have
ranging from violence, abuse, and exploitation to rule of law,
led to not only a massive change in economic conditions, but
corruption, and arms trading are addressed. Two-thirds of
also a global rethinking of security policy. At the same time, it
the global population still live in countries ruled by autocratic
has become all the more clear how crucial peace and security
governments and do not have complete access to their ba-
are as the foundation of fair and inclusive societies and that
sic rights. Austria is among the international leaders when
they are thus a prerequisite for being able to achieve the Sus-
it comes to the attainment of the SDG 16 targets, although
tainable Development Goals.
there is still a need for action here, too. Central aspects of SDG 16 include access to justice for everyone, non-discrimi-
SDG 16 deals with peace, justice, and strong institutions and
natory laws, freedom of expression in the private and public
thus covers a broad legal, social, and political science spec-
sector, citizen participation in political processes, transparen-
trum. The attainment and reinforcement of this goal requires
cy, and combatting corruption. The following information box
mutual efforts by the public sector and civil society. Issues
shows a selection of the key targets:
THE UN HAS SET THE FOLLOWING GOALS FOR 2030 WITH REGARD TO PROMOTING PEACE AND JUSTICE, AND THEY HAVE ALSO BEEN INCORPORATED INTO THE AUSTRIAN FEDERAL GOVERNMENT’S 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT (ABRIDGED):
ü Significantly reduce all forms of violence and relat-
ü Substantially reduce corruption and bribery in all
ü End abuse, exploitation, trafficking and all forms of
ü Develop effective, accountable and transparent
ü Promote the rule of law at the national and interna-
ü Ensure responsive, inclusive, participatory and
ü Significantly reduce illicit financial and arms flows
ü By 2030, provide legal identity for all, including
ed death rates everywhere
violence against and torture of children
tional levels and ensure equal access to justice for all and combat all forms of organized crime
their forms
institutions at all levels
representative decision-making at all levels birth registration
Source: https://www.bundeskanzleramt.gv.at/themen/nachhaltige-entwicklung-agenda-2030/entwicklungsziele-agenda-2030.html
SDG 16
19
Herbert Perus Fund management – Corporate Responsibility at Raiffeisen KAG supported by Mathias Zwiefelhofer, Corporate Responsibility at Raiffeisen KAG
CORPORATE O THE TOPIC OF The shareholder engagement activities of Raiffeisen Capital Management’s (Raiffeisen KAG) fund management on the topic of cybersecurity and justice include dialogue with some of the largest, and for us most interesting, listed companies in this field. In total, over 45 companies from various sectors were contacted, with a focus on the especially vulnerable sectors of utilities, telecommunications, industry, and financials. These companies in particular are often victims of cyberattacks but are also at the forefront when it comes to defending against them. The following questions were asked in this process: 1 What significance does cybersecurity currently have at your company and how has this changed over the last two years due to the increase in telecommuting, the pandemic, and the tense geopolitical situation? 2 Have you planned budget increases for cybersecurity? 3 Do you receive government support for dealing with these challenges? 4 Which types of attacks on your digital security are most dangerous for you (phishing, social engineering, etc.) and how do you train your employees to protect them against attacks? 5 What contribution does your company make to Sustainable Development Goal 16 (Peace, justice and strong institutions)?
20
RESEARCH
1 OMV, Iberdrola
result, companies were also forced to arm
The pandemic, the associated increase
themselves against the growing threat
in telecommuting, and the tense geopo-
from cybercrime. Entirely new approach-
litical situation surrounding Ukraine have
es had to be taken on a global basis in
changed the digital security structure on a
order to successfully defend against these
lasting basis over the past two years. As a
new threat scenarios. At the same time,
SUSTAINABLE INVESTMENT | July 2022
VOICES CYBERSECURITY companies have more to lose than ever
light of the rising cybercrime, companies
before as a result of the digitalisation that
have to not only explore new possibilities
pervades the entire corporate structure.
but also make massive investments.
In its dialogue with Raiffeisen KAG, the
The BAWAG banking group is expanding
Austrian petroleum producer stressed that
its control mechanisms and protective
cybersecurity is the highest priority for its
measures in all three relevant dimensions:
group-wide IT division. This is reflected in
customers and employees, processes, and
numerous preventative and reactive meas-
technology. This ensures that the compa-
ures. For OMV, cyberdefence is not a rigid
ny is at the cutting edge in all areas of cy-
process but must always be developed fur-
berdefence and can thus protect itself, its
ther in order to have the optimal defence
employees, and its customers.
ready for unexpected situations. For telecommunications companies, cyThe Spanish utility company Iberdrola
berdefence is particularly important for
relied on cloud solutions and virtualised
customers, as well. At the Finnish com-
infrastructure to a greater degree during
pany Elisa, for example, an increase in
the pandemic. Cybersecurity is a top pri-
customer requests pertaining to this top-
ority for the company, which is active in
ic led to an increase in the budgets for
the field of critical infrastructure. Accord-
cyberdefence.
ingly, it introduced a cybersecurity risk policy all the way back in 2015 to ensure
3 Allianz, Iberdrola
the constant availability of its services. In
When it comes to cybercrime, the shut-
order to counteract the risks resulting
down of critical infrastructure is one of
from the tense geopolitical situation, Iber-
the biggest risks for a country. But how
drola has currently put the highest alert
do governments support companies that
level into effect and works closely togeth-
are active in socially relevant fields? Many
er with IT security firms, the authorities,
of the companies we contacted do not
and partner companies. In addition, secu-
receive any government support, neither
rity training is conducted for employees
financially nor in the form of information.
that covers not only cybersecurity but
The insurance company Allianz is an op-
also other risks.
erator of critical infrastructure as defined by the IT Security Act (IT-Sicherheits-
2 BAWAG, Elisa
gesetz) and is obligated to report to the
As capital providers, we are always inter-
German Federal Office for Information
ested in how these funds are tied up. In
Security (Bundesamt für Sicherheit in der
RESEARCH
21
CORPORATE VOICES ON THE TOPIC OF CYBERSECURITY
22
RESEARCH
SUSTAINABLE INVESTMENT | July 2022
Informationstechnik; BSI). The BSI analy-
to social engineering. For example, the
e-mail contents that must first be re-
ses the information that is reported and
friendly job applicant who cannot get
viewed by the security unit.
uses it to prepare a status report on an
through the turnstile could be a fraud-
ongoing basis, which in turn is provided to
ster who specifically wants to steal pass-
5 Post, A1
Allianz. This enables Allianz to improve its
words from the company.
Peace, justice, and strong institutions are fundamental building blocks of our
internal knowledge and get an overview of the general threat situation.
The danger with these attacks is that
modern society, and companies are also
every employee can become a security
confronted with SDG 16 in many differ-
One of the most frequent targets of po-
gap, which is why company-wide training is
ent ways.
litically motivated cyberattacks are utility
needed. In order to provide a broad range
companies. The previously mentioned
of training offerings, companies often have
Parcel services are often used by crimi-
Spanish utility company Iberdrola works
to find situation-specific solutions.
nals to do their business. The Austrian postal service Österreichische Post AG is
closely together with the government agencies for cybersecurity in all of the
The logistics and shipping company Hap-
aware of this and thus places emphasis on
countries in which it operates in order to
ag-Lloyd introduced a user awareness
security and crime prevention. This also
exchange information about threats and
programme for how to handle phishing
includes the increased efforts aimed at
proven cybersecurity methods. The util-
e-mails in 2021. Due to the poor con-
combatting bribery and corruption.
ity also receives funds for the improve-
nections on the high seas, it is not always
ment of cybersecurity capacities in the
technically possible to use this online pro-
The postal service ensures public access
countries where such arrangements are
gramme. In order to nevertheless ensure
to information. This is not just an impor-
in place for utilities.
the continuous training of the employees,
tant contribution to the social stability
the officers instruct the material using
of individual countries but is also in line
4 Hapag-Lloyd, Verbund
digital training documents and videos.
with national regulations and interna-
Scammers are getting more and more
Regular reports of abnormalities by the
tional agreements.
creative and innovative in order to
crews indicate to the company that these
achieve their goals. As a result, a high-
awareness-raising measures are working.
The telecommunications company A1 Telekom has introduced products for
ly professional e-mail from a purpor ted customer can easily turn out to be
When it comes to defending against
people with hearing impairments and
a Trojan and do permanent damage to
phishing, well-trained personnel is essen-
severe visual impairments onto the mar-
the company’s security environment.
tial and support can primarily be provided
ket. These products use state-of-the-ar t
Because opening the links contained
through advanced security systems. The
technology and are intended to contrib-
therein enables the cybercriminals to in-
utility company Verbund uses techni-
ute to increasing equal oppor tunity and
stall malware on the computer. Likewise,
cal defence systems that utilise anomaly
facilitating fair access to modern commu-
there are no boundaries when it comes
detection and the blocking of suspicious
nication.
RESEARCH
23
NOKIA – FROM GLOBAL MARKET LEADER TO GLOBAL MARKET LEADER?
24
RESEARCH
SUSTAINABLE INVESTMENT | July 2022
COMPANY SUSTAINABILITY SPO TLIGHT In a development that came as a surprise to many, the discussion of the neutral countries of Finland and Sweden joining NATO soon has gained momentum in the political debate in recent weeks. This is one of the reasons why we are taking a closer look at the Finnish model company Nokia in this issue, whose eventful history includes several spectacular successes but at the same time is not without a few failures.
NOKIA – FROM GLOBAL MARKET LEADER TO GLOBAL MARKET LEADER?
Due to several bad strategic decisions,
The Helsinki-based company currently
tegic partnership with Microsoft ended in
has roughly 88,000 employees around
2014 with the complete sale of the mo-
the world and reported group revenues
bile phone business to the American soft-
of over EUR 22 billion for the 2021 finan-
ware company, and Nokia was once again
cial year.
forced to fully reorient itself.
Following its humble beginnings in the
The founding of Nokia Networks follow-
year 1865 as the only paper factory in
ing the acquisition of the shares of the
Finland, Nokia has enjoyed success in a
joint venture partner, Siemens, in 2013
number of different industrial sectors
laid the foundation for Nokia’s trans-
over the years. The company has pro-
formation to primarily a network hard-
duced such varied products as paper, ca-
ware and software provider. In 2015, the
bles, tyres, televisions, the famous rubber
French-American
boots, and, of course, mobile phones.
equipment supplier Alcatel-Lucent was
Nokia’s transition to a telecommunica-
acquired. With the expanded customer
tions company began in the 1990s. The
base, the resulting revenues, and sever-
first phone call using the GSM standard
al more small acquisitions, Nokia estab-
was made with Nokia devices in 1991.
lished itself as one of the leading compa-
Due to the tremendous success in the
nies in the telecommunication network
mobile phone sector, Nokia became the
and 5G segments.
the company lost ground to competitors such as Apple in subsequent years. A stra-
telecommunications
highest-selling mobile phone brand in the world in 1998. Nokia’s logo was also
Thanks to a licensing agreement with
prominently placed on the first mobile
HMD Global, Finnish mobile phones
phone with an integrated camera.
have also been available under the Nokia
RESEARCH
25
NOKIA – FROM GLOBAL MARKET LEADER TO GLOBAL MARKET LEADER?
brand again since 2016, but it has not been possible to match the past successes and sales figures.
NOKIA AND THE CLIMATE
The sectors of manufacturing, energy and utilities, transpor t, and buildings account for 80% of the total global carbon emissions. The transition to renewable energy will not be enough for these industries to reach net zero by 2050. More ambitious, far-reaching measures are necessary. And Nokia is one of the companies that could play a role here. GSMA Intelligence and Nokia jointly published a study entitled Industry pathways to net zero, which shows how mobile and digital technologies will make it possible for companies to achieve their decarbonisation goals faster. In the manufacturing industry, for example, this study shows that the construction of intelligent factories, the automation of labour-intensive tasks, and the use of conventional network technology can lead to an annual increase in productivity and energy savings of 10 to 20% until 2030. In an increasingly networked and digitised world, energy consumption is also rising significantly. Nokia is working on this problem very intently and aims to counteract it with a wide range of
26
RESEARCH
Herbert Perus Fund management – Corporate Responsibility at Raiffeisen KAG
m easures. There are clearly communi-
to contribute towards solving many of
services to corresponding software and
cated goals for the reduction of green-
the social and economic challenges fac-
hardware. As such, Nokia is also the lead-
house gases at every plant and business
ing the world today by providing more
er in this rapidly growing segment.
location, and Nokia also plans to thor-
integrative access to basic social services
oughly examine its supply chain in this
and human rights.
Marking another chapter in the company’s eventful history, these effor ts have
regard in the near future. According to Nokia, its business is based
forged a path in recent years that has
Overall, the company strives to reduce
on trust. The company-wide code of con-
once again put the company in a promis-
greenhouse gas emissions by 50% by
duct explicitly references this trust, which
ing position in a segment with above-av-
2030, with the generally recognised Sci-
has to be earned in all business activities
erage growth prospects.
ence Based Targets serving as the foun-
and in every country in which Nokia op-
dation. This target pertains to the entire
erates. This strategy is also viewed in the
value chain (i.e. scope 1, 2, and 3). The
same way by external experts. In March
emissions from 2019 were used as the ba-
2022, the company was named to the
sis. This target is in line with the Paris cli-
“World’s Most Ethical Companies” list by
mate targets and is aimed at achieving full
the research firm Ethisphere for the fifth
climate neutrality by 2050. We feel that
time in a row and was the only Finnish
this is a very ambitious plan for a company
company to make the cut.
that is inherently very energy-intensive.
For us as active investors, it is very important for companies to have concrete targets. This enables us to adequately measure the compliance with these targets. Which concrete climate targets did Nokia communicate?
NOKIA AND SOCIETY
NOKIA AND CYBERSECURITY
2022: 60% of energy from
Particularly the telecommunications sec-
45% reduction of greenhouse gas
effects of the technologies developed
tor with the relatively new technology of
emissions compared to 2019
by the company and the associated net-
5G can offer many targets for potential
2023: 50% reduction of energy
working and digitalisation of society far
cyberrisks. Nokia attempts to counteract
consumption of 5G base stations
outweigh the potential negative factors.
these risks with comprehensive protec-
2025: 100% of energy from
Digital networking makes it possible for
tion that differentiates the company from
renewable sources at all sites
people to interact, communicate, share,
the competition. In this context, Nokia
2030: 50% reduction of green-
learn, and work. It provides access to
cites the triangle of trust, a combination
house gas emissions (scope 1, 2,
services, work, health care, education,
of detection, scalability, and adaptabil-
and 3), 95% recycling of waste
and oppor tunities. It makes life and work
ity. Nokia provides a broad portfolio of
from productio
easier, more productive, and thus more
security products, ranging from general
2050: Net Zero
sustainable. Nokia aims for its products
security risk assessment and consulting
Nokia firmly believes that the positive
renewable sources at all sites,
RESEARCH
27
WE MAKE IT HAPPEN – CORPORATE VOLUNTEERING AT LICHTBLICKHOF Anyone who has taken the time to help others knows how good it feels. And help is needed in so many places in our society now more than ever. Lichtblickhof, an organisation that offers children and teenagers a safe and protected space for therapeutic (hospice) care and with which we have enjoyed close ties for years, also needs our help.
volunteering initiative. In 2020, the construction of a roof including wind pro-
That is why about 30 employees of Raif-
Layout and planting of the Lichtblick
feisen Capital Management, including
garden
CEO Rainer Schnabl and managing director Dieter Aigner, rolled up their sleeves
Refinishing of old wooden chairs
at a corporate volunteering event on 22
Decoration of the hospice flat terraces
and 23 June 2022 and completed the fol-
with various signs
tection for a horse stable as well as the construction of a new entrance gate were financed. Last year, we were once again able to volunteer in person on-site and helped with the relocation of the office and the setup of a therapy room.
lowing projects: Construction of a workshop by installing a loft in the storage barn with the help of a carpenter
28
INSIDE
In 2019, Raiffeisen Capital Management became the sponsor for the therapy horse Miakoda and built an enclosure for small animals as part of a corporate
For more information about Lichtblickhof’s activities, visit www.lichtblickhof.at
29
LET’S INVEST TOGETHER IN A SUSTAINABLE FUTURE. PRESERVING VALUE. CREATING VALUE.
Raiffeisen Capital Management stands for Raiffeisen Kapitalanlage GmbH. created by Raiffeisen Kapitalanlage GmbH, Mooslackengasse 12, 1190 Vienna, Austria, as of: June 2022.