Advance q4

Facing up to the Resource Revolution

Advance sustainability investing in focus | october 2013

>5 Sustainability success for emerging markets

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In cooperation with:

How important is sustainability in the selection process?

Interview with Emma Hunt advance | october 2013

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A heavy burden: fighting against obesity Obesity and related diseases such as diabetes are reaching epidemic proportions, not only in the developed world, but increasingly also in several emerging countries, where children’s obesity rates are particularly high. In Brazil, for example, overweight and obesity levels are at 52%, comparable to those in Germany.

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advance | JULY 2013

This is straining healthcare budgets. Several industries are well positioned to offer solutions. The food industry is developing healthier foods and ingredients, while athletic companies are promoting regular physical activity. When it comes to treatment, healthcare companies such as Novo Nordisk and Sanofi provide a range of innovative

diabetes treatments, and dialysis services providers such as Fresenius Medical Care and DaVita Healthcare Partners provide care for the growing number of patients that have developed renal disease.

> Click here for more information

CONTENTS

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4 Highlights Environmental expertise in mining companies, sovereign wealth funds as the SI wild card, and an environmentalist’s quest to influence the future of resources

5 Sustainability success for emerging markets The latest review of the DJSI shows emerging markets are playing a greater role in sustainability investing

6 ‘Marketing speak on sustainability doesn’t cut the grade anymore’ Interview with consultant Emma Hunt about the need for asset managers to become partners with their clients rather than mere service providers

8 Cover article: Facing up to the Resource Revolution Resources expert Fraser Thompson of the McKinsey Global Institute says the changing landscape for access to harder-to-get raw materials will create new risks and opportunities

10 Best practice case study H&M’s water stewardship strategy sets an example to the textile sector

11 ESG analysis: what is material?

SI Research analyst Cécile Churet explains which ESG information is relevant to investors and which is not

12 ‘Over 75% of our respondents think sustainability

impacts stock values’ Steve Kelly, Managing Director at Thomson Reuters Extel, sees a record number of investors surveyed reveal the role of SI in their investment process

Debate with executives and academia How important is sustainability for companies and institutional parties?

This is a recurring question in Robeco’s Sustainability debate.

On Wednesday, 20 November 2013, Robeco is organizing a discussion on this subject together with the financial news station RTL Z. The program provides an inspiring interchange between leading speakers from industry, the pensions world and academia. From their different perspectives, the representatives will address the question of whether sustainable returns exist, how to seek them out and how this process can be incorporated into business operations.

When is sustainability relevant for investors?

The rise of sustainable investing has created vast quantities of data on corporate performance for numerous sustainability criteria. Take for example the Corporate Sustainability Assessment (CSA) of RobecoSAM. It consists of an annual analysis of more than 2500 companies with more than 800 active participants. The CSA questionnaire features about 100 questions on economic, environmental and social issues that have a material impact on companies’ ability to generate long-term value. For investors, the crux of ESG integration is to establish whether sustainability factors have an impact on a company’s profitability and thus on its investment performance. So how do you decide whether or not information is financially relevant – or financially material? Let me illustrate this using two examples.

The German software company SAP relies on motivated and talented employees to maintain its innovation leadership. It launched the “People Strategy” in 2010. It includes leadership development, career advancement and workforce diversity. The success of this strategy will drive innovation and hence future sales. A clear example of financially material information. In contrast, there is the example of TNT Express, one of the most sustainable courier companies for years. The company has a partnership with the World Food Program (WFP), which organizes the annual ‘Walk the World’ event together with TNT. The proceeds have enabled the WFP to provide 88 million meals for children. A very good initiative. However, the fact that it has no direct impact on the company’s earnings and is completely separate from its core business makes it less relevant for investors.

Of course, there is always a gray area. I do, however, think that financially material criteria offer good guidelines to help investors make a preliminary choice from the ever increasing number of participants in the sustainability ‘industry’.

CHRISTOPHER GREENWALD, CO-HEAD SUSTAINABILITY INVESTING RESEARCH ROBECOSAM

advance | october 2013

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Highlights

Robeco votes for environmental expert on FreeportMcMoRan’s Board

Sovereign wealth funds are the SI ‘wild card’

Robeco has voted for a shareholder’s proposal to appoint a director with environmental expertise to the management board of mining company Freeport-McMoRan Copper & Gold Inc.

Sovereign wealth funds are the “wild card” in the future of Sustainability Investing, according to Harvard Business School Professor Robert Eccles. These national funds have immense power, with billions in assets under management and the ability to move markets, but their movements are often difficult to predict, he says.

Environmental expertise is critical to the success of mining companies due to the substantial impact their activities can have on the environment. Freeport-McMoRan has been sharply criticized in the past. Robeco has been pursuing an active dialogue with the company since 2011 about allegations of dumping mining waste in Papua New Guinea. Since then the company has increased its transparency and has carried out various environmental impact assessments. Around 29% of shareholders voted for the proposal. Robeco will continue its active dialogue with the company. > Click here for more information

“They are sort of in the background, but they’ve got lots of assets and a very long-term outlook.

So if they were to get on board with SI, that could be very significant,” he says. As other large, longterm institutional investors such as pension funds are adopting SI – often through new regulations that require greater use of sustainability metrics – it raises a significant question as to whether sovereign wealth funds will follow suit.

> Click here for more information

Anne’s quest to influence future of resources Many idealistic young people aspire to change the world, but very few go on to start their own sustainability foundation backed by some of the world’s most influential people. But then, 27-year-old Dutch environmentalist Anne Walraven has been driven to pursue progress ever since she saw wasted timber left to rot on a Canadian island, and asked the simple question: why?

Anne founded www.futurefuel.nu to address hundreds of questions on sustainability issues by talking to influencers in politics, business and academia. They were all happy to share their expertise. Anne believes that her generation needs “a new narrative” from the one above it to solve the problems of dwindling and wasted natural resources, and has set out to get one. > Click here for more information

N 30 o

Mexico is the biggest mover in the latest update of the Country Sustainability Ranking. It has climbed 4 positions to No 30 in a total universe of 59 countries.

The higher ranking is mainly a result of improvements on political risk factors. > Click here for more information

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advance | OCTOBER 2013

Sustainability success for emerging markets Emerging market companies are playing a greater role in sustainability investing. That’s one of the most striking findings from the latest annual review of the Dow Jones Sustainability Indices (DJSI).

Three of these 24 companies now come from emerging markets: – Lotte Shopping from South Korea is leader in the retailing industry group – KT Corp, also from South Korea, heads the list of telecommunication services companies – Taiwan Semiconductor Manufacturing Co. (TSMC) takes first position in the semiconductors & semiconductor equipment industry group

Integrating sustainability measures So what are these companies doing so well?

“They all actively integrate sustainability into their business operations,” Giese explains. “At TSMC, for example, sustainability initiatives have been in place for many years. Over the last 10 years, the company has reduced its electricity consumption per wafer unit by 47% and water consumption by 56%,” he says.

Representation of Emerging Market Companies in the DJSI World Since Launch number of emerging Markets companies

The number of emerging markets companies participating in the annual survey which decides the members of the indices has risen substantially. “We have seen a 31% increase,” says Guido Giese, Head of Indices at RobecoSAM. RobecoSAM annually identifies the top company in each of the 24 industry groups.

The results were announced on 12 September.

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Brazil South Africa Taiwan Malaysia Thailand India Colombia China Chile Hungary Indonesia

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reduction on the other. This way, they show the effect not only on society and the environ­ ment but also on the company’s bottom line.”

Longer-term challenge important The longer-term commitment to sustainability is just as important. “Emerging economies are facing challenges stemming from resource scarcity and a rapidly rising population on a larger scale than the economies that developed at the beginning of the 20th century,” says Giese.

“Companies also face unique social, economic and environmental risks related to the extraction and exploitation of commodities.” As a result, an increasing number of investors are asking about corporate sustainability in these parts of the world.

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Leading emerging market companies have reached the standards of their industrialized counterparts in social issues, such as stakeholder management. Facing the risk of losing their license to operate, or falling into disrepute in the local communities in which they operate, companies have recognized stakeholder engagement and local development as being crucial to their long-term success.

Although the business case for environmental responsibility is particularly strong in emerging markets, many companies in these regions still lag behind in this area. “Giving these companies the opportunity to benchmark themselves against their global peers is a positive move towards encouraging sustainable growth in emerging markets,” says Giese.

Creating shareholder value ”Lotte Shopping has demonstrated leadership in its sustainability reporting. The company reports on the link between its environmental and social initiatives on the one hand and their impact on revenue generation and cost

“Emerging market companies that effectively address sustainability risks and opportunities are becoming global leaders in their field and in the creation of long-term shareholder value,” Giese says.

For more information on the DJSI 2013 review, please click here

advance | october 2013

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interview

‘Marketing speak on sustainability doesn’t cut the grade anymore’ EMMA HUNT, investment consultant at towers watson

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The increasing importance of sustainability in investing means asset managers need to know potential clients’ beliefs inside out.

That’s the view of Towers Watson consultant and sustainability specialist Emma Hunt, who advises investors on selecting the asset managers that best suit their objectives.

How important is the sustainability chapter in Request for Proposals (RfPs) to find asset managers?

Sustainability factors are getting into RFPs and asset managers need to respond to these, but the story doesn’t stop there. Asset managers need to be aware of the client’s investment beliefs and policies in all areas, including sustainable investment. An increasing number of funds are articulating their mission and beliefs in other areas, for example, on their websites, or in their support of partner organizations such as the United Nations Principles for Responsible Investment (UNPRI) or the Institutional Investors Group on Climate Change. I know of asset managers that have been ruled out on the grounds of sustainability, even though it wasn’t mentioned in the RFP. If an asset manager wants to win an asset owner’s business, they need to understand how important sustainability is to that business, and not just rely on the RFP.

‘The interests of the asset manager and its clients have been diverging’ Furthermore, many asset managers need to improve their responses in RFPs. Too many are still using marketing-speak when it comes to answering the sustainability questions, and those types of low-quality responses just don’t cut the grade any more. Sophisticated investors are looking for robust and systematic processes that support ESG integration, active ownership

work or other sustainability issues. As asset managers seek to build trust with potential clients, they need to be able to prove that there is substance behind the words.

Does this mean relationships between asset manager and client are now more important in selection?

Yes. Ten years ago, the client-service provider relationship was more binary. The client needed products and the service provider responded, usually with a certain fee structure and a relative performance objective. Alignment between the two groups was less of a consideration. Over the past decade, issues such as investment and product complexity, rising costs, performance-share and business objectives have become increasingly important, as it has become apparent that the interests of the two groups have been diverging. For example, if one of the key business objectives of the asset manager is to grow its assets, it’s widely accepted now that that’s not necessarily aligned with the views and priorities of their client.

Long term investors – both asset owners and managers – are becoming increasingly discerning about who they partner with these days. It’s a trend that is going to continue. The nature of relationships between asset owners and asset managers is changing from one of service provider to one of partner, with shared objectives and greater long-term alignment.

How else have SI attitudes changed in the past 10 years?

Best practice codes are becoming more prevalent. At the last count we came up with 35 best practice codes around the world for investors on sustainable investment. These

range from globally applicable codes such as the UNPRI and adherence with the UN Global Compact Conventions to more local codes on stewardship and corporate governance. This is a direction that I believe will continue over the coming years.

With regard to the corporations and industries, policymakers certainly have been more demanding on building a framework to promote more sustainable business practices. The carbon tax and energy efficiency objectives are just two examples of regulation that is changing the business landscape and changing industry dynamics. Companies have been developing and applying their strategic responses, and investors are now playing catch-up.

What are the SI trends for the next 10 years?

I think we’ll see a lot of change in three main areas: reputational risk, ESG data quality and transparency.

Reputational risk hit the corporate community first. Sustainability factors could impact their brands, their supply chains and ultimately earnings potential. Corporations had to respond. Investors are facing a similar challenge. Those investors that can manage this will be well placed in tomorrow’s world.

Secondly, we’ve long complained that ESG data lacked breadth, depth and reliability.

This is changing. Data sets are becoming much stronger. In conjunction with this, analysts are getting better at turning this data into investment insights. We’re now seeing ‘sustain-alytics’ being used in a much more interesting, more predictive, quant-based way.

Thirdly, greater transparency is being demanded of companies by investors, especially in emerging markets. There are various initiatives being put forward in the listing requirements of stock exchanges, such as in Brazil, South Africa, Singapore and Malaysia.

Greater disclosure and better data leads to better investment decisions – it’s as simple as that.

advance | october 2013

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cover story

Facing up to the Resource Revolution The future of sustainability investing depends on how the world faces up to resource scarcity. That was a keynote message of resources expert Fraser Thompson of the McKinsey Global Institute at the RobecoSAM Forum in Zurich.

The changing resource landscape Fraser Thompson is not a man to mince his words. Governments, companies and investors will need to radically rethink their approaches to natural resources if they are to successfully adapt to greater resource scarcity, he says.

Armed with some remarkable statistics, the ebullient Australian told an audience of over 170 investors and company representatives that the changing landscape for access to harderto-get raw materials will create significant new risks and opportunities.

Iron ore - used in the construction of much of the world’s infrastructure - has risen 332% in price since the turn of the century due to rapid demand from emerging markets and more difficult supply conditions. Copper prices have risen 300%, also mostly on insatiable Chinese demand.

And the agricultural sector has been impacted by rapid demand for food, fuel and feed, as well as adverse weather impacts, with wheat prices up 183% since 2000. The future demand pressures are likely to be just as big: up to three billion people could join the ranks of the global

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consuming class over the next 20 years. Most of the extra demand will come from emerging markets, with nearly half of all global GDP growth emanating from just 440 cities by 2025.

Exploding demand “Resource prices were falling up until 2000; they have only been rising since then,” Fraser says. “Historically, falling prices were driven by innovation and the availability of large, lowcost sources of supply. But now, whilst we are not running out of natural resources, supply appears to be progressively less able to adjust rapidly to changes in demand because new reserves are more expensive to access.

“The world therefore needs a step-change in resource productivity, similar to what was achieved in labor productivity during the first industrial revolution with the introduction of the Watt steam engine.”

The missing links Managing existing resources requires a more joined-up approach in thinking, Fraser says.

“Resources used in differing processes are

linked: water is needed for mineral production while biofuels use 2% of global cropland. The links often get missed out. As oil production moves from onshore to offshore, it uses four times as much steel per barrel of oil produced.

This requires access to iron ore, and 40% of it comes from regions with high water scarcity.

The question is: how do companies think about some of these resource issues that lie outside their direct supply chains?”

Reconsidering portfolios And how should investors also prepare for what he calls a “resource revolution”?

“Our first message for equity investors is to reconsider your existing portfolio, and see how it is exposed to some of these trends,” he says.

For companies, it is crucial to rigorously understand the value at risk from these resource trends, strengthen supply chain management and consider disruptive business models that can take advantage of the emerging resource landscape, Fraser says.

“For example, some companies such as Turntoo, the Dutch resource conservation advisers, have advised their clients on more “closed loop” or circular business processes where they reduce, reuse and recycle all their critical inputs, effectively transitioning from sellers of goods to providers of services,” he says. “Other companies have looked to improve asset utilization. Consider motor

Conference facts & figures The RobecoSAM Forum, the fifth annual event of its kind to be held, ran for two days in Zurich on 23-24 September. The forum aims to bring investors and companies together to foster an exchange of ideas and promote Sustainability Investing as a mainstream strategy.

More than 170 delegates from 22 different countries listened to 22 speakers and panelists during the event, staged on the shores of Lake Zurich. The opening remarks were made by Michael Baldinger, chief executive of RobecoSAM, who said he was astonished to learn that “the dustbin is the biggest consumer of bananas”.

He also told the delegates that his greatest wish is to “demystify sustainability investing” and set them all a challenge in talking to their pension fund managers, colleagues and other professionals when they returned home to shed some more light on the strategy.

‘Resource-efficient companies have outperformed the MSCI’ vehicles for example, which remain unused for roughly 96 percent of the time. Companies such as ZipCar and RelayRides have developed new business models around car sharing.”

This can pay off in the long run, as more resource-efficient companies have outperformed the MSCI by an average of more than 5% per year over the past eight years, according to research by the Osmosis investment fund.

The conference agenda included break-out panels on innovations in sustainability index investing; the impact of investors through voting and engagement; measuring country sustainability and a discussion on industrial resource efficiency in private equity. And a smartphone app was used by speakers to ask questions and invite interactive polling from the audience on some key themes. Some of the hottest topics were sustainability as a business opportunity; the impact of rapid urbanization and the growing global middle class; the importance of managing supply chains; and the dilemma of short termism when set against the long-term nature of sustainability.

Many RobecoSAM leaders participated, including a lively panel session led by Dieter Küffer, senior portfolio manager of the RobecoSAM Sustainable Water Strategy. This discussed the technologies and companies offering solutions to the global water crisis.

Rewards could be huge There are also large potential rewards for farsighted investors going after the major resource productivity opportunities, says Fraser. “We believe there are USD 3 trillion of investment opportunities in resource productivity across water, energy, land and steel, and 70% of them have returns above 10% a year,” he says.

“We’ve become more sophisticated in identifying those business models that could change the landscape. So what we’ll see over this next decade is a smart investment focus on resources efficiency leading to competitive advantages.”

Startling statistics!

WATER: Water supply over the next 20 years would need to be almost 140 percent higher than the past 20 years in order to meet forecast demand.

ENERGY: The world needs to find four Saudi Arabias just to keep oil supply constant over the next 10 years. Just four countries – Iran, Iraq, Saudi Arabia and Venezuela – hold half the world’s current oil reserves.

FOOD: Food production in the next 50 years will need to match that of the previous 10,000 years. Meanwhile, about one-third of all food is wasted somewhere along the chain, from post-harvest to bought but not eaten by the consumer.

METALS: Some 40% of iron ore projects are in regions with scarce water resources, and new discoveries have flat-lined, despite a fourfold increase in exploration spending.

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BEST PRACTICE CASE STUDY

H&M takes the lead in water management

485 suppliers

11.4% of cotton is sustainably sourced by H&M

Fashion company H&M has put sustainability firmly on its agenda. With its water stewardship strategy the company addresses future water supply concerns, raises awareness among its own staff and customers, and saves costs in the process. ‘It sets an example for the textile sector’, says engagement analyst Peter van der Werf.

“We have been in dialogue for the last three years”, explains Van der Werf. “H&M has made substantial progress. On several occasions we discussed disclosure of water issues in their sustainability report and their progress towards setting the New Water Strategy.”

Water is a finite source According to Water Footprint Network, one T-shirt needs a total of 2495 liters to be produced, and production often takes place in water-stressed regions. H&M aims to ReduceReuse-Recycle water where possible. “The company has found that the brunt of its water footprint comes from its supply chain, and therefore focuses on the production of cotton and the wet processing of clothing”, Van der Werf specifies.

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Meeting the customer’s demand In addition to supply and cost considerations, the company’s sustainability efforts are driven by customer demand. “Adding sustainability value to our products is an important way to further strengthen our customer offering”, notes company CEO Karl-Johan Persson. Back in 2011, H&M launched its first environmentally friendly Conscious collection. “H&M integrates ESG factors into its brand management, recognizing that sustainability influences customers’ purchasing decisions”, adds Elsa Ben Hamou Dassonville, SI research analyst at RobecoSAM.

Partnership with WWF brings in knowledge The new water strategy builds on collaboration with public policy-makers, NGOs and companies.

7 commitments to sustainability in H&M’s corporate strategy

H&M is a partner of the World Wildlife Fund (WWF). “This is not just a PR thing”, says Van der Werf. “A credible partner brings crucial knowledge on board. In formulating the New Water Strategy WWF continuously challenged the company to define ambitious targets and communicate them to all stakeholders.”

ESG analysis: what is material?

Beyond its product offering and business model, a company’s long-term competitiveness increasingly depends on intangible factors, such as its ability to innovate or to attract and retain talent. ’It is worthwhile to detect these under-researched factors’, says Cécile Churet, senior analyst in RobecoSAM’s SI Research team.

Cécile Churet and her colleagues in the SI Research team aim to determine whether companies are likely to remain competitive in a rapidly changing business environment.

In addition to traditional financial information, they assess a range of ESG factors, such as a company’s ability to protect its license to operate. “We research how these long-term sources of competitiveness are managed and identify companies that are best positioned to create value in a sustainable way”, Churet explains.

What is material?

First, Churet reviews the intangible factors that are most material for each industry. “A factor is considered material if it has the potential to impact companies’ financial performance”, Churet clarifies. Lowering energy consumption in manufacturing processes for example is material because it can save costs. Similarly, failing to engage with local stakeholders in the planning stages of an infrastructure project can lead to local opposition, delays and cost overrun for a construction company. “These aspects matter from an investor’s point of view because they relate directly to companies’ financial performance”, says Churet.

“A company’s involvement with charitable organizations, however, might be of importance to local communities, but it will have limited relevance from a financial viewpoint, unless it is critical to a project’s success like, for example, in the mining industry.”

engineering companies such as ABB, we assess the effectiveness of their innovation processes. Our analysis revealed that ABB’s R&D pipeline is filled with solutions to enable its customers to reduce their environmental footprint. An example is the work they did on DC power for datacenters. Data centers receive electricity from the grid in the form of alternative current (AC). As individual servers operate on direct current (DC), the AC power needs to be transformed up to 5 times, causing losses of about 20% in electrical energy. ABB developed a revolutionary system that requires only one central conversion. In the context of rising energy costs and stricter environmental regulations, this gives ABB a competitive edge.”

Uncovering undetected risks and opportunities Because many of these aspects are intangible, a systematic analysis of management’s approaches can prove challenging and is commonly under-researched in traditional financial analysis. The insights generated

by Churet and her colleagues can therefore enhance the company analysis of portfolio managers and analysts within the Robeco Group by highlighting risks or sources of competitiveness that would otherwise go undetected.

ABB Charting new ground in data center energy savings

Competitive edge Second, the team analyzes how the company addresses these material issues. “For industrial

advance | october 2013

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external perspective

‘Over 75% of our respondents think sustainability impacts stock values.’

Steve Kelly, Managing Director, Thomson Reuters Extel Steve Kelly is one of the foremost authorities on European investment industry opinion. His recent SRI & Sustainability Survey of asset managers saw a record number of major investors reveal the role they believe SI now plays in the investment process.

What was the most surprising outcome from the survey?

Certainly noteworthy is the rapid growth of SI activity by companies, which really see the value of speaking with the market on SI issues.

They are going well beyond a CSR report, to properly target SI investors; to promote their sustainability credentials; and to provide metrics on performance which SI investors can relate to.

You warn institutions against playing ‘lip service’ to SI; is this still a problem?

Yes, I think so. Whilst virtually any buyside firm is a UNPRI signatory, individual teams or PMs at these firms may operate with no regard to the principles. And that is a problem as it can mislead ultimate asset holders – who we have seen put increasing money into what they perceive as ‘sustainable’ investors.

Are investors viewing SI as a generator of alpha, as a risk control, or as an ethical issue?

As all three of course, because a rounded assessment of investing opportunities must cover these aspects. But the word ‘opportunity’ is deliberate – we are seeing the buyside look to SRI/ESG as a way to add value, and outperform. Over 75% of our respondents think sustainability impacts stock values, for the upside, as well as the downside.

Data quality has been a problem. Are analysts becoming better at providing SI information?

Data quality is a much wider concern than just in SI, of course, but yes, it is improving for sustainability issues. Insights from analysts (both at investment banks and specialist providers) are seen as increasingly well-focused, and with pertinent metrics. However, such sources remain secondary to direct contact with companies in the way an investor can quantify investment potential.

Important Information This document has been issued by Robeco Institutional Asset Management B.V. (trade register number: 24123167), which has a license of the Netherlands Authority of the Financial Markets in Amsterdam, and RobecoSAM AG (trade register number: CH-020.3.025.346-2), which has a license of the Swiss Financial Market Supervisory Authority FINMA in Berne. Robeco’s engagement process starts with thematic research by an external consultant focusing on companies within a specific sector. Chinese walls exist between Robeco’s engagement activities and RobecoSAM’s activities related to the RobecoSAM questionnaire. These Chinese walls ensure that confidential information from the RobecoSAM questionnaire will not be used for Robeco’s engagement activities. The details given on this page do not constitute an offer. They are given for information purposes only. No liability is assumed for the correctness and accuracy of the details given. Copyright © 2013 Robeco – all rights reserved.

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Robeco Coolsingel 120, 3011 AG Rotterdam, The Netherlands editors-advance@robeco.nl, http://www.robeco.com/professionals/insights/ sustainability-investing/index.jsp RobecoSAM Josefstrasse 218, 8005 Zurich, Switzerland info@robecosam.com, www.robecosam.com