ICGN Governance of Sustainability Dialogue “From Climate Change To Social Change”

Date: Wednesday 23 and Thursday 24 June 2021

Time:

  • Part A from 09:00 to 10:30 Geneva Time (CET, GMT+2)

  • Part B from 17:00 to 19:00 Geneva Time (CET, GMT+2)

  • Part C from 09:00 to 11:00 Geneva Time (CET, GMT+2)

  • Part D from 17:00 to 18:30 Geneva Time (CET, GMT+2)

UNCTAD World Investment Forum is proud to host the ICGN Governance of Sustainability Dialogue, in partnership with the Sustainable Stock Exchanges (SSE) initiative. We are delighted to assemble these influential networks for two days of discussion and debate focused on global sustainability issues and risk management to develop long-term strategies, reporting and cooperation.
 
 

Programme

23 June 2021 – PART A

09:00-09:15 Welcome Remarks
> Kerrie Waring, Chief Executive Officer, ICGN

09:15-09:30 Opening Remarks
> James Zhan, Director of Investment and Enterprise and Lead of World Investment Report, UNCTAD [Written Statement]

09:30-10:30 Plenary 1: Board accountability for sustainability
The European High-level Expert Group on Sustainable Finance defined sustainability as ‘making economic prosperity long lasting, more socially inclusive and less dependent on exploitation of finite resources and the natural environment’. This is particularly poignant in a world facing systemic challenges of the highest magnitude: a global pandemic, growing social inequality and climate change. How do boards ensure they are properly informed in overseeing these challenges while preserving and enhancing long-term value? How are the many facets of sustainability – financial, human and natural capital – implemented in strategy, risk and innovation? What should be prioritised and how is this best communicated to shareholders and all relevant stakeholders?

> Mervyn King, Senior Counsel and former Judge of the Supreme Court, South Africa and Chair Emeritus, IIRC (South Africa)
> Eva Halvarsson, Chief Executive Officer, AP2 (Sweden)
> Mark Campanale, Founder and Executive Chairman, Carbon Tracker (UK)

Chaired by: Richard Howitt, Senior Associate, Frank Bold and former CEO, IIRC (UK)

23 June 2021 – PART B

17:00-18:00 Plenary 2: Climate-related reporting: progress and priorities
Corporate boards should assess the impact of climate change on the company business model and how it will be adapted to meet the needs of a net zero economy as part of a long-term strategy. To what extent do companies adequately disclose how climate change is reflected in governance, strategy and risk? How many companies publicly set targets – and a timeframe – to reduce emissions in-line with 1.5°c global warming? Should investors have a binding vote on ‘say on climate plans’?

> Hannah Armitage. Project Director, Financial Reporting Lab, Financial Reporting Council (UK)
> Marion de Marcillac, Head of Climate Solutions, MSCI (France)
> Marian Macindoe, Head of ESG Strategy & Engagement, Uber Technologies (US)

Chaired by: Tiffany Grabski, Senior Specialist, Sustainable Stock Exchanges (SSE) Initiative (Switzerland)

18:00-19:00 Plenary 3: Reviewing CEO incentives with a social and sustainable lens
This year, investors will scrutinise a company’s longer-term response to the COVID crisis and recovery and how that relates to CEO pay and performance. In addition to financial performance metrics, quantifiable indicators that are material to the company’s sustainable value creation and preservation, such as human capital and natural capital will be increasingly analysed. How are these measures implemented in practice? How do company’s align CEO remuneration with that of the workforce to ensure an equitable distribution of awards and benefits? How does progress differ between markets and industries?

> Priti Shokeen, Vice President & Director, ESG Research & Engagement TD Asset Management (Canada)
> Georgina Marshall, Global Head of Research, Institutional Shareholder Services (US)
> Ian Burger, Vice Chair, ICGN and Head of Responsible Investment, Newton Investment Management (UK)
> Jim Goodfellow, Board Director, Canadian Tire Financial Services (Canada)

Chaired by: Mark Van Clieaf, Managing Director, Organizational Capital Partners (Canada)

24 June 2021 – PART C

09:00-10:00 Plenary 4: Aligning accountability across the investment chain
This year, ICGN, in partnership with the UN Global Investors for Sustainable Development Alliance, will review the ICGN Model Mandate. The Mandate, published in 2012, provides example terms for asset owners to consider when drafting stewardship obligations in their contracts with investment managers. It will be updated to help shift the behaviours of key actors along the investment chain towards a longer term, sustainable perspective, particularly those related to the UN Sustainable Development Goals. How will this impact the asset owner and asset manager relationship? To what extent will it influence performance measures and oversight? How have mandates evolved to incorporate sustainability and what are the priorities for the future?

> Claudia Kruse, Managing Director Global Responsible Investment & Governance, APG Asset Management (Netherlands)
> Emi Onozuka, Chief Operations Officer, Japan Catalyst, Inc (Japan)
> Kevin Paul, Sustainability Research, Credit Suisse HOLT (UK)
> Mirza Baig, Global Head of Governance & Stewardship, Aviva Investors (UK)

Chaired by Chris Hodge, Advisor ICGN & Director, Governance Perspectives (UK)

10:00-11:00 Plenary 5: Investor duties and sustainability related disclosure
Many investors are committing to net-zero portfolios by 2050, encouraged by a raft of sustainability related requirements on asset owners. TCFD focuses minds on how investment portfolios are positioned for the transition to net zero carbon emissions, Article 173-VI in France focuses on disclosure around carbon risks and climate policies while, in the UK, pension funds must explain how the trustee takes account financially material factors including those relating to ESG in company engagement and voting. How robust is this disclosure? What are the obstacles? To what extent is it driving accountability from asset managers and investee companies?

> Anne-Marie Jourdan, Chief Legal Officer, Fonds de Reserve Pour Les Retraites (France)
> Wim Bartels, Co-Chair, Impact Measurement, Reporting & Assurance Services, KPMG IMPACT & Partner, KPMG (Netherlands)
> Takeo Omori, Responsible Investment Group, Asset Management One Co., Ltd (Japan)

Chaired by: Bastian Buck, Chief of Standards, GRI (Netherlands)

24 June 2021 – PART D

17:00-18:00 Plenary 6: Governance of sustainability: mandatory and voluntary drivers
Earlier this year, the European Commission concluded a far-reaching consultation on the EU company law framework to promote sustainable corporate governance and company law, and in March the European Parliament announced plans for a new binding law that ensures companies are held accountable and liable when they harm – or contribute to harming – human rights, the environment and good governance. The ICGN’s Global Governance Principles emphasise that directors have a legal duty to act on an informed basis, with good faith, care and loyalty to promote the long-term best interests of the company to preserve and enhance sustainable value creation. How do mandatory and voluntary requirements harmonize for best effect? What does this mean in practice for company boards and investors alike?

> Alex Edmans, Professor of Finance, London Business School & Academic Director, Centre for Corporate Governance (UK)
> Michel de Fabiani, Chair of Policy Committee, Ecoda (France)
> Maria Pierdicchi, Director, Unicredit and Chairwoman and Board Member, Nedcommunity (Italy)
> Jana Jevcakova, Managing Director, Corporate Governance, Morrow Sodali (Australia)

Chaired by George Dallas, Policy Director, ICGN (UK)

18:00-19:00 Plenary 7: Optimizing sustainability ratings and ESG data
The deployment of assets by investors into sustainable index funds reached a record of near $1.7 trillion in 2020, up from 50% over the previous year according to Morningstar. This drives capital to those companies most willing and able to embrace the intangible drivers of value – human and natural capital – as well as tangible financial factors. This transition towards sustainable investments is facilitated by increasingly sophisticated ESG indices and sustainability investment funds. This session will discuss what ESG data and disclosures investors find most clear and useful, and how stakeholders are navigating this space.

> Ruchi Bhowmik, Global Vice Chair, Public Policy, EY (US)
> Brendan Sheehan, Vice President, Senior Analyst, ESG, Moody’s Investor Services (US)
> Peter Mennie, Global Head of ESG Integration and Research, and Global Head of Investment Risk & Quantitative Analytics, Manulife Investment Management (UK)

Chaired by Janine Guillot, CEO, SASB (US)

Speakers

Bios are available here