PRI in Person Agenda 2013
Monday 30 September
8.30-16.00
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JSE Investor Briefings: South African companies will present ESG investor briefings in association with the Johannesburg Stock Exchange, Ballroom, Westin Hotel
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11.30-12.30
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Responsible Investment Academy: 'Enhanced Financial Analysis' – Da Gama Diaz Rm, Westin Hotel
As a prelude to the PRI Listed Equity Integration Working Group's panel on integrated analysis, this presentation by Cécile Churet (RobecoSAM) will demonstrate the content and thinking behind the Responsible Investment Academy's new training course 'Enhanced Financial Analysis'.
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13.00-16.00
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PRI Steering committee meetings, Westin Hotel
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16.15-18.00
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PRI Reporting & Assessment Briefing - Ballroom, Westin Hotel
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18.30-late
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PRI in Person Inaugural Welcome Reception, supported by MSCI ESG Research, BoA Merrill Lynch and yourSRI.com at Shimmy Beach Club
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Tuesday 1 October – Day One
8.00-8.40
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Early bird session 1 - Carbon Action: Climate Change impacts: right here, right now
Climate change is often seen as a long term issue, with little or no effect on short-term corporate profitability. In this discussion we will explore case studies of direct impacts of climate change on profits and valuations, through extreme weather events, water shortages, commodity price moves and other factors.
Room 2.41-2.43
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Early bird session 2: Good for Nothing?!
Alquity Investment Management
Is it possible, especially in financial services, to have a business model that sees companies interacting more closely with society to create real beneficial change, ensuring that this positively benefits shareholders and local communities? Can this all be done at no cost to the business or the client? Indeed, can it actually enhance return?
Join Paul Robinson, CEO of Alquity and social entrepreneur, and hear about how business models can actually be a force for good, exploring new approaches to investment management through case studies, personal experiences and engaging debate.
Room 2.44-2.46
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8.00-8.45
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Registration and coffee
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DAY ONE OPENING SESSION
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8.45-9.00
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PRI welcome: Dr Wolfgang Engshuber, Chair, PRI (Germany) and John Oliphant, Principal Executive Officer, GEPF (SA) East Ballroom
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9.00-9.20
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Plenary 1: Keynote: Ministry of Finance South Africa East Ballroom
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9.25-10.00
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Plenary 2: Time to Push the Reset Button on Pension Fund Investment – A shift towards patient capital. A conversation with Sharan Burrow, General Secretary, International Trade Union Confederation (ITUC) about the continuing implications of the financial crisis.
Speaker: Sharan Burrow, General Secretary, ITUC (Aus)
Moderator: Bruce Whitfield, Finance Journalist, Talk Radio 702, (SA)
East Ballroom
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10:00-10.30
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Coffee break
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10.30-11.30
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Plenary 3: Doing business in Africa today: understanding the current political, economic and social landscape
Overview: tbc
Case study: Reflections and experiences on building Ecobank in to a sustainable pan-African bank
Arnold Ekpe, Former CEO, Ecobank group (SA)
Case study: Reflections and experiences on investing in Africa
Tshepo Mahloele, CEO, Harith General Partners (SA)
Moderator: John Oliphant, Principal Executive Officer, GEPF (SA)
East Ballroom
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11.30-12.30
Breakout 1
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PANEL 1A How can investors work with governments to create 'integrated' capital markets?
The session will try to demystify the role investors can play in engaging in public policy and with regulators. We will examine questions such as: What would integrated markets look like? What are the points of intervention along the capital market supply chain? How can investors collaborate to create public policy support for correcting broader market failures? Why is it in the financial interests of institutional investors to engage in the public policy debate in this way?
Moderator: James Gifford, Executive Director, PRI (UK)
Panellists: Olano Makhubela, Chief Director: Financial Investments and Savings, National Treasury, South Africa
Sipho Sidu, Principal Officer, Mineworkers Pension Fund (SA)
Steve Waygood, Chief Responsible Investment Officer; Global Responsible Investment team, Aviva (UK)
Room 2.41-2.43
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PANEL 1B Responsible investment in emerging market debt
Are ESG factors material to emerging market debt returns? How can investors apply ESG analysis to EMD funds? Can bondholders engage companies? Should credit rating agencies do more to support responsible investors? Is it even possible to be a responsible investor in fixed income? Panellists will share their experiences on these questions and explore possibilities for applying ESG analysis in fixed income.
Moderator: Bill McGrew, Portfolio Manager CalPERS (US)
Panellists: Andrew Canter, CIO, FutureGrowth Asset Management (SA)
Rob Drijkoningen, Managing Director and Co-Head Emerging Market Debt, Neuberger Berman (The Netherlands)
Florian Sommer, Senior Strategist, Union Investment (Germany)
Room 2.44-2.46
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PANEL 1C Corruption: due diligence and managing risks
Where corruption is present, efficient markets, fair competition and economic development are undermined to the detriment of investors and other stakeholders. How can investors manage corruption and bribery related risks? Participants will share concrete examples of due diligence and engagement strategies, and discuss resources available to investors, both from a private and listed equity perspective.
Moderator: Erika van der Merwe, Chief Executive, South African Venture Capital & Private Equity Association (SAVCA) (SA)
Speakers: Colin Melvin, CEO, Hermes Equity Ownership Services Ltd (UK)
Stephane Voisin, Head of SRI Research, Kepler Chevreux (France)
Room 2.61-2.63
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This session is designed for those at the beginning of their RI journey. Numbers are capped to 30 attendees on a first come first served basis.
Session 1: ESG integration into investment processes
What is ESG integration?
What is the objective of ESG integration?
How does ESG integration impact at the asset allocation level
How does ESG integration impact the investment decision level
How can ESG information be structured to be useful to the investment process?
How do investment processes need to be (re) created to be able to take account of ESG information?
Speaker: Alex van der Velden, Partner & CIO, Ownership Capital (The Netherlands)
Room 2.64-2.65
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12.30-13.30
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Lunch
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13.30-14.15
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Plenary 4: How do we bring about long termism in the financial markets?
Moderator: Helene Winch, Director of Policy and Research, PRI (UK)
Panellists: Sandy Frucher, Vice Chairman, NASDAQ (US)
Erika Karp, CEO, Cornerstone Capital Inc. (US)
Thabo Khojane, Managing Director, Africa Client Group, Investec Asset Management (SA)
Elias Masilela, CEO, Public Investment Corporation, (SA)
Diane Radley, CEO, Old Mutual Investment Group South Africa (SA)
East Ballroom
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14.15-15.15
Breakout 2
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PANEL 2A: Integrated analysis: brokers demonstrate their best examples of integrated equity research (as selected by PRI's Integration Working Group)
Two analysts present to a panel of two investment managers and an asset owner. How can integrated analysis be used to improve valuation techniques?
Moderator: Neil Brown, SRI Investment Manager, Alliance Trust (UK)
Panellists: Greg Barker, Investment Manager, Sustainable Capital (SA)
Cecile Churet, Investment Manager, RobecoSAM (France)
Lungani Sibiya, Multi Investment Manager, Eskom Pension and Provident Fund (SA)
Brokers:
Elaine Prior, Investment Analyst, Citi (Australia)
Zoe Knight, Investment Analyst, HSBC (UK)
Room 2.41-2.43
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PANEL 2B What impact do employee relations have on performance and valuations of companies?
Companies often say their people are their greatest asset. What do strong human capital practices actually mean for investors?
Moderator: Amanda Young, Head of Sustainable and Responsible Investment, Standard Life Investments, (UK)
Panellists: Jean-Philippe Desmartin, Head of ESG Research, Oddo Securities (France)
Dr Frank Fox, Head of Occupational Health, AngloAmerican (SA)
Anna Pot, Senior Sustainability Specialist, APG (The Netherlands)
Room 2.44-2.46
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PANEL 2C The latest academic research on responsible investment:
Top academics present their latest findings on responsible investment in 60 minutes
Speakers: David Wood, Director, Initiative for Responsible Investment, Hauser Center for Nonprofit Organizations, Harvard University (US)
Stephanie Giamporcaro, Senior Lecturer, Graduate School of Business, University of Cape Town (SA)
Suzette Viviers, Professor, Department of Business Management, Stellenbosch University (SA)
Room 2.61-2.63
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| The principles in practice: getting back to basics
This session is designed for those at the beginning of their RI journey. Numbers are capped to 30 attendees on a first come first served basis.
Session 2: Why be an active owner?
Active ownership - what, why and how?
John Howchin, Secretary General, Ethical Council, Swedish AP Funds and Chair, PRI Clearinghouse Steering Committee
South Africa case study 1: David Couldridge, Senior Analyst, Element Investment Managers
South Africa case study 2: Deon Botha, Head: Corporate Governance, Public Investment Corporation
Facilitator: Rob Lake, Independent Responsible Investment Advisor (UK)
Room 2.64-2.65
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15.15-15.40
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Coffee break
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15.40-18.00
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Signatory General Meeting
1. Welcome and introductory remarks
2. Approval of Minutes from the previous SGM
3. PRI Governance
4. Report from the PRI Advisory Council
5. Results of the 2013 PRI Advisory Council election and welcome of new Council members
6. Report from the PRI Association Board
7. Report from the PRI Advisory Council and PRI Association Board Committees
8. Update from the PRI Secretariat
9. PRI Association financial report
10. General Business (Questions and Answers)
East Ballroom
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18.30-22.00
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PRI in Person Networking Dinner
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Wednesday 2 October – Day Two
8.00-8.50
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Early bird session 3: Creating value - investors and integrated reporting
Integrated Reporting is about how an organisation’s strategy, governance, performance and prospects lead to the creation of value over the short, medium and long term - better informing decision-making and helping move towards efficient capital allocation and a more sustainable global economy. Join speakers from business and the investor community to consider these issues and reflect on the South African experience of . Be a part of the discussion and consider how you can use the biggest development in corporate reporting in recent years to get the information you need from companies you may invest in.
Moderator: Steve Waygood, Chief Responsible Investment Officer, Aviva (UK)
Panellists: Claudia Kruse, Managing Director, Head of Sustainability and Corporate Governance, APG
Corli le Roux, Head, SRI Index and Sustainability, Johannesburg Stock Exchange (SA)
Sven Lunsche, Manager, Corporate Affairs, Gold Fields (SA)
Colin Melvin, Chief Executive Officer, Hermes (UK)
Room 2.41-2.43
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Early Bird Session 4: Vote confirmation breakfast
Voting is a key element of active ownership, and therefore it is important for investors to have confidence that their votes are being counted.
This complimentary breakfast session will be sponsored by Robeco & Aviva, representatives of a PRI steering group exploring ways to address inadequacies in the proxy voting system. The roundtable will discuss how investors can remove obstacles in the voting chain, with a particular focus on increasing the efficiency of monitoring votes.
Join the roundtable to exchange knowledge and experiences from different markets, and to deliberate potential actions.
Presenter: Michiel van Esch, Engagement Specialist, Robeco (Netherlands)
Room 2.44-2.46
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8.30-8.50
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Registration and coffee
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DAY TWO OPENING SESSION
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8.50-9.25
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Plenary 5: Southern Africa – An economic overview
Moderator: Fiona Reynolds, Managing Director, PRI (UK)
Speaker: Chris Hart, Chief Strategist, Investment Solutions (SA)
GEPF proposal that we swap plenary 3 and 4 around. Get Chris Hart to focus his session on providing an economic overview of South Africa
East Ballroom
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9.30-10.30
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Plenary 6: The responsible capitalism debate – the role of ‘values’ in ‘value’
Amid criticism that responsible investment is becoming ‘just another investment style’ and at a time when investors and corporations are ever more aware they have to re-earn their license to operate – we ask what role ‘values’ play in mainstream responsible investment practices
Moderator: Bruce Whitfield, Financial Journalist, Talk Radio 702 (SA)
Discussants: Paul Abberley, CEO, Aviva (UK)
Jay Youngdahl, Trustee, Middletown Works Hourly and Salaried Union Retirees Health Care Fund
Minister Ebrahim Patel, Economic Development Department, SA (tbc)
Arthur Moloto, Chairman of the Board, GEPF, SA (tbc)
Dan Matjila, Chief Investment Officer, PIC (GEPF suggestion)
East Ballroom
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10.30-10.50
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Coffee Break
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10.50-11.50
Breakout 3
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PANEL 3A Running dry: how does water scarcity impact businesses and investors?
This session will explore how growing pressure on water resources caused by climate change and other factors will affect commodity prices, communities and markets.
Moderator: Piet Klop, Senior Advisor Responsible Investment, PGGM (Netherlands)
Panellists: Sasja Beslik, Head of Responsible Investment & Governance, Nordea (Sweden)
TBC, SABMiller
Veronique Menou, Head of Thematic Research, MSCI ESG Research (France)
Malango Mughogo, Programme Manager: Sustainable Business, WWF (SA)
Room 2.41-2.43
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PANEL 3B Investing in access to finance: the case of South Africa
One in two adults globally has no access to formal financial services, stifling entrepreneurial activity and economic development. This panel will look at the investment opportunities arising from this market gap, with particular focus on investors' experiences in South Africa.
Moderator: Prof. Gerhard Coetzee, Director, Centre for Inclusive Banking in Africa, University of Pretoria (SA)
Panellists: Heather Jackson, CEO, Atlantic Specialised Finance (Atlantic Asset Management) (SA)
Mike Lohmeier, Director, Positive Social Impact Lending Program, Wespath Investment Management (General Board of Methodist Church) (US)
Marilou van Golstein Brouwers, Managing Director, Triodos Investment Management (Netherlands)
Room 2.44-2.46
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PANEL 3C The PRI reporting framework: a practical guide for users
This session will tell you all you need to know about the new PRI Reporting Framework and give you the tools to start reporting.
Speaker: Lorenzo Saá, Head of Reporting and Assessment, PRI (UK)
Room 2.61-2.63
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| The principles in practice: getting back to basics
This session is designed for those at the beginning of their RI journey. Numbers are capped to 30 attendees on a first come first served basis.
Session 3: Building your RI capacity
Evaluating RI investment processes, developing and implementing a policy and strategy
Case study: The Sustainable Returns for Pension and Society management team will provide an overview of their recently developed framework called the Responsible Investing and Ownership Guide. This is a set of tools for retirement funds to comply with the new Regulation 28 of South Africa’s Pension Funds Act.
Moderator: Alex van der Velden, Partner & CIO, Ownership Capital (Netherlands)
Speaker: Samatha Jagdessi, Sustainable Returns for pensions and society (SA)
Room 2.64-2.65
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12.00-13.00
Breakout 4
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PANEL 4A Mining in Africa: boosting sustainability in the mineral economy
This session will explore the challenges, opportunities and outlook for investing in the African mining sector.
Moderator: James Brice, Managing Director, Environmental Business Strategies (SA)
Panellists: Minister Susan Shabangu, Department of Minerals and Resources (SA)
Mike Davies, Managing Director, Kigoda Consulting
Peter Major, Mining Consultant, Cadiz Corporate Solutions (SA)
CEO of Mining Company (names tbc)
Room 2.41-2.43
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| PANEL 4B Director nomination process: how to get the right skill sets on corporate boards
Company boards are crucial for sustainable long-term value creation. How can investors exercise oversight but also support companies, to develop boards with the skills and experience they need to fulfil this objective?
Moderator: Brian Rice, Portfolio Manager, Corporate Governance, CalSTRS (US)
Panellists: Anne Kirkeby, Stewardship Services Manager – Europe, Governance for Owners (UK)
Ansie Ramalho, Chief Executive, Institute of Directors of South Africa (IoDSA) (SA)
Room 2.44-2.46
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PANEL 4C Sustainable capital markets: the evolving role of exchanges
Stock exchanges sit at the very heart of the capital markets. What role can they play in ensuring these markets operate sustainably?
Moderator: Michael Jantzi, Chief Executive Officer, Sustainalytics (Netherlands)
Panellists: Sandy Frucher, Vice Chairman, NASDAQ
Gwen Le Berre, Vice President, PMG – Corporate Governance and Responsible Investment, BlackRock (US)
Corli Le Roux, Head, SRI Index and Sustainability, Johannesburg Stock Exchange (SA)
Sonia Favaretto, Sustainability Officer, BMF&BOVESPA (Brazil)
Room 2.61-2.63
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PANEL 4D: How to quit smoking – A case study in divesting from tobacco stocks
Since 2011 several large Superannuation funds in Australia have made the decision to divest tobacco stocks, this session looks at the decision making process that the HESTA superfund board went through to make this decision, the steps taken and the outcomes
Moderator: Fiona Reynolds, Managing Director, PRI (UK)
Panellists: Louise Davidson, Environmental, Social & Governance Investment Manager, Cbus
(Aus)
Rob Fowler, CIO, HESTA (Aus)
Anne Jones OAM, CEO, Action on Smoking and Health Australia (Aus)
Room 2.64-2.66
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13.00-14.00
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Lunch
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14.00-14.45
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Plenary 7: Gini out of the bottle: what is the cost of financial inequality?
The focus of this session is on the impacts of growing inequality on economic growth and the implications for investor returns and investor confidence. Traditionally most investors didn't consider inequality a material issue, however some have argued that inequality has reached a level in some countries where it can undermine the stability of the financial system. Questions we will be tackling as part of this panel include:
What are the implications of inequality for investment in countries?
How should investors be thinking about inequality as an issue?
Moderator: James Gifford, Executive Director, PRI (UK)
Speakers: Minister Ebrahim Patel, Economic Development Department (awaiting response, tbc)
Minister Manuel, National Planning Commission or another NPC Commissioner
Organised labour / union representative (tbc)
East Ballroom
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14.45-15.45
Breakout 5
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Aligning interests along the investment chain
Successful responsible investment requires that the interests of the various players in the investment chain be as closely aligned as possible. In this session Asset Owners on the one hand Investment Managers and Service Providers on the other will go into separate rooms to allow frank discussion of where further progress is needed to achieve that goal. A plenary report-back and discussion will then bring the groups together to share their conclusions.
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PANEL 5A Asset owner discussion (AOs only)
How can asset owners better monitor their investment manager’s responsible investment practices?
Moderator: Eric Wetlaufer, Senior Vice President of Public Market Investments, Canada Pension Plan Investment Board (Canada)
Panellists: Ole Buhl, Head of ESG, ATP (Denmark)
Sibusiso Luthuli, Chief Executive and Principal, Eskom Pension and Provident Fund (SA)
Anne Maree O’Connor, Manager, RI, New Zealand Superannuation Fund (NZ)
Alison Schneider, Manager, RI, Alberta Investment Management Corporation (Canada)
Room 2.41-2.46
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PANEL 5B Investment manager and service provider discussion (IMs and SPs only)
How can AOs help their IMs improve their responsible investment practices during investment monitoring?
Moderator: Graham Sinclair, Principal, SinCo (SA)
Panellists: Greg Elders, Senior ESG Analyst, Bloomberg (UK)
Malcolm Gray, Portfolio Manager, Investec (SA)
Seiji Kawazoe, Associate General Manager, Sumitomo Mitsui Trust Bank (Japan)
Linda-Eling Lee, Executive Director, MSCI (US)
Room 2.61-2.66
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15.45-16.00
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Coffee Break
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16.00-16.30
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Plenary 8: Both sessions feedback to each other
Moderator: David Russell, Co-Head of Responsible Investment, USS Investment Management (UK)
East Ballroom
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16.30-16.45
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Conference wrap-up
John Oliphant, Principal Executive Officer, GEPF (SA)
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16.45-16.55
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Final comments
Dr James Gifford, Executive Director, PRI (UK)
East Ballroom
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All sessions are subject to change
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