In response to increasing investor concern for the environmental, social, and governance ESG consequences of investment decisions, organizations like The Rockefeller Foundation are partnering with financial service companies to develop a wave of innovative instruments that enable increased investment in positive-ESG projects and companies. These include impact bonds, socially active index funds, and impact securitization such as research-backed obligations.
Inthe European Investment Bank issued its first green bond, a EUR million equity index-linked security, whose proceeds were used to fund renewable energy and energy efficiency projects.
The success of these instruments reflects the fact that investors are increasingly conscious of the social and environmental consequences of the decisions that governments and companies make. They can be quick to punish companies for child labor practices, human rights abuses, negative environmental impact, poor governance, and a lack of gender equality.
The result has been an increasing demand for integrating Environmental, Social, and Governance ESG criteria into investment decisions. Inevitably, the financial services sector has responded with a host of innovative financial instruments, some like those mentioned above, others quite different.
The through-line that ties together these new investing models and strategies is quite simple: While they have generated competitive returns, it so happens that they all positively benefit society as well. Essentially what investors want is the performance promise of financial engineering combined with the assurance of a better tomorrow. Many of the innovations have been driven by a collaboration between public, private, and philanthropic institutions.
At The Rockefeller Foundation, we recognize the value of engaging private capital markets for societal good and have stepped in to fund the research and development of new instruments that can bring capital to cause. We have increasingly seen, firsthand, how readily these instruments meet not just investor needs but also values, and how interrelated the two can be.
Fixed income is one of the largest asset classes as determined by asset owner allocation and market size. Compared to the other asset classes it has the lowest expected returns, hence also has the lowest cost of capital. Climate change is becoming increasingly important for the US municipal finance sector. On one hand US cities need to raise more capital to implement environmental projects — many of them based on innovative climate solutions — to protect their economies and communities from the effects of climate changes — e.
Environmental impact bonds — in many ways an extension of green bonds market — offer a solution to this problem, because they can draw in investors interested in taking on the environmental risk in exchange for potential monetary reward. These securities are municipal bonds that transfer a portion of the risk involved with implementing climate adaptation or mitigation projects from the public agency on to the bondholder.
The water board used the bond to fund the construction of green infrastructure to manage storm water runoff and improve water quality. In the case of the DC Water bondinvestors receive a standard 3. Towards the end of a five-year term — at the mandatory tender date — the reduction in stormwater runoff resulting from the green infrastructure is used to calculate and assign an additional payment. If the results are as expected, there is no additional payment. One of the most interesting of the new generation of ESG-driven financial innovations can be seen in the Exchange Traded Fund ETF sector, where we are starting to see the passive investment movement linked to activism on key social and environmental issues through in ESG-themed ETFs.
Issued by Impact Shares, a non-profit fund manager, the specific criteria for the index, which includes companies such as Microsoft, Pepsi, and Verizon, are identified and compiled by the NAACP. The criteria assess the levels of social activism, equal opportunity, and diversity of workplaces within each company. The index is then constructed from the top scoring companies by Morningstar, which uses a weighting methodology that maximizes exposure to companies with high scores on the NAACP criteria, while maintaining risks and returns similar to the Morningstar US Large-Mid Cap Index.La mi pela quando mp3
Essentially the ETF allows investors to allocate their capital passively, while the NAACP takes on the role of the activist organization that directly engages with the companies on how to adopt and maintain strong practices to the benefit of investors.
The management fee is 76 basis points, of which 15 — 25 points are used to cover expenses. Pooling various types of contractual debt—such as mortgages or loans—and selling the related cash flows to third-party investors as securities has long been recognized as a useful way to create liquid secondary markets.
Yes, the reckless use of securitization contributed to a meltdown of the financial markets.
Sustainable Urban Growth: Is Hong Kong a Model for China?
But used responsibly, securitization helps and has helped for decades hardworking people get affordable mortgages at rates only modestly higher than those charged to the U.
With the right incentives and financial structure in place, securitization can also be a highly effective means for gathering large amounts of cheaper capital in a relatively short period of time for environmental and social investments. If we can learn from the mistakes of the crisis and address their weaknesses, these tools can have a transformative role in many socially important initiatives.
The U. Along with loans, Sixup provides students with tutoring, job-matching, and other counseling. Sixup currently counts Goldman Sachs as its largest lender. Over time, as their lending assets grow, Sixup plans to tap into the broader fixed income markets, as well as more traditional securitizations.
Rare and orphan diseases—like pediatric cancers or cystic fibrosis—are diseases that affect a very small part of the population less thanpatients in the U.
But if you aggregate many research projects into one portfolio, at critical scale, the fund becomes more predictable and yields a more attractive risk-adjusted return on the investment, as well as a higher likelihood of success in finding cures for these diseases. This, in turn, enables the fund to raise money by issuing Research-Backed Obligations RBO bonds guaranteed by the portfolio of possible drugs and their associated intellectual property.Although reforms of the institutional framework for sustainable development have been discussed for decades, both in scholarly and political terms, the process has not yet shown an indication of converging expectations.
One reason is a growing gap between the United Nations UN institutions, in particular institutions for environment and sustainable development, and political reality on sustainable development issues. The issues and political dynamics in the twenty-first century are different from those ofwhen the United Nations system was developed.
Incremental changes have enabled some progress towards sustainability. However, the current system governing sustainable development is no longer sufficient, given the number, impact, interdependence and complexity of problems associated with global change. What is required is a transformative reform of sustainable development governance. This is why we have taken the initiative to investigate further the state and direction of reform of the institutional framework for sustainable development.
Based on existing knowledge and findings from science, we have aimed to provide an ambitious but appropriate vision for the required transformative change. The Hakone Vision Factory on Earth System Governance evaluated the state of the institutional framework for sustainable development, identified key challenges and assessed reform options.
Governance for sustainability requires transformative reforms with clear vision, which are clustered around three interrelated issues: Aspirations, Actors and Architecture. We live in a highly dynamic, human-dominated earth system in which non-linear, abrupt and irreversible changes are not only possible but also probable.Simple shortcode block ekpm area of a culvert
Governance goals have changed significantly since the post-World War II institutions were established, and require changes in governance systems. The international community should discuss the priorities, pathways, and qualitative and normative goals of sustainability. In this regard, the emerging discussion on Sustainable Development Goals SDGsin line with and complementing the Millennium Development Goals MDGscould become an important political target, providing momentum and drawing attention to sustainable development.
Careful consideration is required to determine how the SDGs can be positioned alongside the successful MDGs, which continue to be of high relevance and importance. It also has become apparent that approaches to sustainability governance based on economic values are insufficient — and partly the cause of unsustainable development. There is a clear need to go beyond GDP and market values when measuring development.
Human well-being and quality of life are important additional values, as are considerations of ecosystem services and the non-anthropocentric values of other living beings. Further development of the goals of sustainable development and methodologies could result in a sustainable development indicator, combining variables from the three pillars of sustainable development, or a small suite of indices that have to be pursued simultaneously and without tradeoffs. This has potential to be a useful and relevant policy tool, but only when institutional and financial underpinnings are provided.
Governance for sustainability demands the meaningful and accountable participation and solutions from people, for people. The evolving nature of governance and the problems of global change have engaged a wide variety and large number of non-State actors. Mechanisms to include non-State actors in the intergovernmental UN system are laudable but insufficient, and not truly inclusive thus often leading to misrepresentation. Given this, one way to improve representation in the current intergovernmental system would be to add a mechanism of checks and balances between Governments and non-State actors that could be inspired by the example of the EU Parliament in relation to the EU Council.
In designing such a mechanism, attention should also be paid to the risk of paralysis. Mechanisms to enable meaningful involvement of other actors, including highly respected persons or organizations, cities, communities and social movements in governance for sustainability, are needed. Moreover, information technologies, including social media, have the potential to support governance for sustainability by giving a voice to those groups and individuals that have been marginalized in the decision-making process, and stimulating and facilitating trans-boundary communication and deliberation.
However, contentious issues remain regarding the legitimacy and accountability of decentralized participation e. The emergence of new actors thus necessitates a governance system with a larger range of instruments.
While States are the central actors, non-State actors are necessary for accountable and effective governance for sustainability. Options include improved private governance such as the Forest Stewardship Council or Marine Stewardship Council and public-private partnerships.
Safeguards need to be in place to ensure the accountability and legitimacy of non-State actors. The architecture for sustainability governance needs to be re-built to include better integration, as well as improved institutions and decision-making mechanisms. Proposals for the required transformative changes in the architecture of governance for sustainability need to be assessed based on a set of criteria, including:.
The absence of suitable arrangements for one or more of these criteria will jeopardize prospects for transformative change. Drawing on the discussion of aspirations, actors and architecture, the Hakone Vision Factory discussed and evaluated many of the proposals for a re-structured institutional framework for sustainable development that would improve governance.
These discussions demonstrated that proposals for a Sustainable Development Council deserve more serious consideration. Moves to establish a Sustainable Development Council need to be carefully balanced with other governance reforms for sustainable development, and they need to position and configure the Council within the constellation of the institutional framework for sustainable development including, but not limited to, the UN system.
The mandate of the Sustainable Development Council needs to result from further research and a deliberative process that could be set in motion at the United Nations Conference on Sustainable Development. Amongst others, the mandate and charter of such a Council could include mechanisms and authority for governance of crisis, for example along the lines of the WHO.The two-year MSc in Sustainable Urban Development will provide a rigorous and critical understanding of the policy and practice of sustainable urban development.
The course exposes students to sustainable urbanism as both an interdisciplinary and multidisciplinary subject at global and local scales. Attention is paid to the intellectual history of sustainable urban development, its current and future applications and practice, and the contemporary relevance of research to sustainable urban policy and practice across cities of the Global North and South.
The programme attracts a lively and engaged group of students, who combine postgraduate study with their professional lives, and an active alumni network. Students on the course typically come from a wide international background and share a variety of work experiences in urban development and the built environment. The MSc is designed for those operating in a range of urban contexts worldwide - public, private or third sector organisations - and fosters collaboration, creativity, perspective-sharing and effective networking skills.
The course is delivered by University academics, industry experts, urban researchers and practitioners in the built environment. You will attend eight intensive residential teaching weeks during the two years of study, primarily held in Oxford at the Department for Continuing Education.
Each teaching week addresses a core theme of the course. During teaching weeks, you will also follow foundation courses in urban theory and research methods tailored to sustainable urban development, comprising sessions on the intellectual history of sustainable urbanism, paradigm shifts and challenges in sustainable development, urban economics, research design, research ethics and preparation, bibliography and library resources.
You will spend the latter half of the second year working on a 15,word dissertation. You will choose the topic, with the guidance of your supervisor, and, in most cases, spend time doing fieldwork and gathering data during this period. More information can be found in the Course Handbook. The course is delivered through a mix of tailored teaching and learning methods, including seminars, site visits, peer-review, research workshops and individual tutorials.
Classes are seminar-based, encouraging active participation and enabling students to learn from each other. You will prepare for sessions by reading a selection of recommended books, book chapters and articles. Typically, there are six to eight weeks between each teaching week, during which time you should expect to spend an average of 15 hours per week of independent study.Growth stock screener
You will be allocated a course tutor who will support your academic development, and with whom you will meet during each teaching week for a tutorial. In the second year, you will be allocated a dissertation supervisor. You will also have a college advisor whom you may consult on issues concerning your personal wellbeing.Weekly homework sheet q2 3
For each teaching week, you will complete an essay of up to 3, words on that theme. The first essay is formative and will provide you with valuable feedback at the start of your studies.
The remaining seven essay assignments are summative. You will also submit a research dissertation of up to 15, words.
It is expected that you will define your own dissertation topic in consultation with your allocated supervisor. Training in research skills is built into the course delivery, in order to help you make the most of this opportunity. The allocation of graduate supervision for this course is the responsibility of the Department for Continuing Education and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff.
Under exceptional circumstances a supervisor may be found outside the Department for Continuing Education. Students are usually already working as professionals in an urban context. Participation in the MSc course has helped to boost professional practice, enhanced career prospects, and secured promotions and new career paths. The alumni network forms an active and key part of the professional and international outreach of the MSc in Sustainable Urban Development programme at Oxford.
How to Build Effective Sustainability Governance Structures
Throughout your period of study, you will be able to attend course-related dinners and other opportunities for professional networking. The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration.
In certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study. Where possible your academic supervisor will not change for the duration of your course.
However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include sabbatical leave, parental leave or change in employment.Dense to csr matrix
Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Our flagship business publication has been defining and informing the senior-management agenda since Many companies are actively integrating sustainability principles into their businesses, according to a recent McKinsey survey, 1 1.
The online survey was in the field from July 12 to July 22,and received responses from 3, executives representing the full range of regions, industries, tenures, company sizes, and functional specialties. In our sixth survey of executives on how their companies understand and manage issues related to sustainability, 2 2. Defined as a combination of environmental, social, and governance issues also known as corporate social responsibility CSR or corporate responsibility.
On the whole, respondents report a more well-rounded understanding of sustainability and its expected benefits than in prior surveys. As in the past, they see the potential for supporting corporate reputation. But they also expect operational and growth-oriented benefits in the areas of cutting costs and pursuing opportunities in new markets and products. Furthermore, respondents in certain industries—energy, the extractive industries, 3 3. In these survey results, this group includes respondents from the coal, metal, oil and gas extraction, petroleum and natural gas distribution, petroleum refining, and other mining subindustries.
There are some noteworthy changes since our survey 4 4. The online survey was in the field in February and received responses from 1, executives representing a wide range of industries and regions. This concern for costs replaces corporate reputation as the most frequently chosen reason; at 32 percent, reputation 5 5. These results suggest that companies may be better able to find a competitive advantage when pursuing growth activities than operational activities.
Companies are also integrating sustainability across many processes, according to respondents: 57 percent say their companies have integrated sustainability into strategic planning Exhibit 2. The most integrated area is mission and values, followed by external communications, while the least integrated areas are supply chain management and budgeting.
The share of respondents saying their companies effectively manage sustainability has even shrunk somewhat. For example, 94 percent say their companies have integrated sustainability into strategic planning, versus 53 percent of all other respondents.
Furthermore, just 9 percent of respondents at these companies say they have sustainability programs in place to respond to regulatory requirements, compared with 25 percent of all other respondents. Indeed, 30 percent say they are capturing all the value they can, versus 9 percent of all others.
And while all respondents struggle with the pressure of short-term earnings performance as a barrier to value creation, the leaders struggle less with leadership, systems, and processes that enable organizations to drive value through sustainability Exhibit 5.
By using our website you consent to all cookies in accordance with our updated Cookie Notice. But are they achievable? We asked World Economic Forum experts for their take, and round-up the best content from our blog, Agenda, on each of the 17 goals. Is this goal ambitious? But it can be achieved.Advantages of smartphones in points
By dedicating ourselves to a human-centric, rights-based approach across all the other 16 sustainable development goals will not only end poverty but also bring dramatic improvements in quality of life, the environment and governance for everyone.
Read more: How can we eradicate poverty by ? Hunger can be eliminated within this lifetime, if we create better opportunities for farmers and focus on the needs of undernourished groups. Sustainability means using fewer natural resources to produce food and reducing food waste and loss. Improved nutrition means reducing both hunger and obesity through improved education, and access and availability of quality foods — Lisa Dreier, Head of Agriculture and Food Security Initiatives. Read more: 4 ways countries are successfully fighting hungerThe year-old reality of food security.
Innovation in terms of delivery models and technology mean is bringing the goal of healthy living for all within sight. Business models based on public-private cooperation unlock crucial investment without the need for massive infrastructure investment; meanwhile, telemedicine, precision medicine and other advances are bringing dramatic improvements in terms of effectiveness and cost — Arnaud Bernaert, Head of Global Health and Healthcare Industries.
Technology can help us to fundamentally transform education delivery and, with the right mix of policies and incentives, we can scale up early success stories. Business must play a critical role in the constant skilling, reskilling and upskilling of employees and broader communities — Saadia Zahidi, Head of Employment and Gender Initiatives.
Read more: Why education should top the development agendaWhat makes a quality education? We will not achieve any of our goals if girls and women are not equal partners to boys and men. Workplaces, governments and healthcare and education systems must be designed to provide a level playing field. Practices that have worked already must be adapted more broadly.
Read more: Why gender equality will make or break the Global Goals. Read more: Why business needs to get serious about water scarcity6 reasons why we need clean water for all.
Measuring the effectiveness of corporate governance
Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Our flagship business publication has been defining and informing the senior-management agenda since Pressure on companies to pay attention to environmental, social, and governance ESG issues continues to mount.
Researchers, business groups, and nongovernmental organizations have variously warned of the risks—or emphasized the opportunities—that such issues present to company performance. Most executives and the investment professionals who scrutinize their companies seem to agree that ESG programs affect performance.
The online survey was in the field from July 16 to July 31,and garnered responses from participants representing the full range of regions, industries, and company sizes. Of these respondents, are C-suite executives and are investment professionals.
They also indicate that they would be willing to pay about a 10 percent median premium to acquire a company with a positive record for ESG issues over one with a negative record. Among respondents who say that such programs increase shareholder value, perceptions of how the programs do so have shifted since our survey on the subject in The survey garnered responses from participants.
Of these respondents, 84 were CFOs and were investment professionals. Given the relative novelty of environmental, social, and governance ESG issues inthat survey sample included only CFOs as the executives most likely to be familiar with the practice of ESG valuation. That is no longer the case. As a result, the survey sample also included CEOs, COOs, and other C-level executives with responsibility for sustainability or corporate social responsibility. All of the reported comparisons between the and data remained directionally consistent when controlling for the difference in the samples, and all but two were statistically significant; those instances are marked.
A majority of these business leaders and investment professionals now say that environmental, social, and governance programs individually create value over both the short term and the long term.
Moreover, the perceived long-term value of environmental and social programs now rivals or exceeds the value attributed to governance programs.
Sustainable compliance: Seven steps toward effectiveness and efficiency
What follows is a closer look at how perspectives have changed with respect to several topics, including the impact of ESG on shareholder value and financial performance, the reasons companies prioritize ESG programs, and the challenges and opportunities in ESG data and reporting. A majority of surveyed executives and investment professionals 57 percent agree that ESG programs create shareholder value. That share is largely consistent with responses to the survey a decade ago, as well as across most demographic categories—job title, company size, company ownership public or privateand geography—in the present survey.
Respondents in consumer-focused companies are more likely 66 percent than those in B2B companies 56 percent to say these programs create value. A small minority remains unconvinced. Just 3 percent of respondents believe such programs reduce shareholder value, and 14 percent say they are unsure.Latest updates about our response to coronavirus We've partnered with Sal Khan and Khan Academy to give you a simple, self-paced learning experience See how we're bringing our approach to responsible growth to life.
See how our focus on responsible growth drives every aspect of our business and culture. Investing in people and communities through our business and partnerships. Investing in our employees at home and in the workplace so they can better serve our clients.
Providing detailed reports, fact sheets and financial updates about the way we do business. We value the impact art makes on communities and individuals around the world. Get fact sheets, reports and financial updates, and learn about our lending, investing and giving See how we're investing in local and national programs to fight hunger.
See how we're helping service members and veterans make the transition to civilian life Awards and recognition Bank of America has received from publications and organizations.
Review financial information including our SEC filings, press releases and quarterly earnings. See credit ratings, information on preferred stock and securitizations and additional fixed income investor materials.
View and download current or historical annual reports and proxy statements. Look up your stock price, view historical quotes, dividend information and more. Access your shareholder account, review your history, and perform account transactions. Access press materials, speeches, executive biographies, corporate facts and more. Learn more about our management team, board of directors and the principles that govern our business.
Building and maintaining trust for our clients, employees and shareholders is at the heart of governance at Bank of America. Delivering responsible growth requires an experienced, independent board of directors, skilled management, and clear and effective governance practices. Additionally, see more about our approach to governance on environmental activities. Our member Board of Directors brings a vital independent perspective based on their experience in different organizations and different industries in both the public and private sectors.
Among other things, the Board of Directors is responsible for overseeing the development and execution of our strategy. Learn more about our Board and its committees in our Proxy Statement. While the New York Stock Exchange listing standards require a majority of our directors to be independent, our Corporate Governance Guidelines go even further and require a substantial majority of our directors to be independent.
Learn more about Board independence in our Proxy Statement. Our Environmental, Social and Governance ESG approach is fully-integrated into our eight lines of business, helping to deliver increased shareholder value while ensuring we are taking ESG factors into account as we make the decisions that drive our business. The committee engages in dialogue and debate on social and environmental issues that are material to the business, including our human capital management practices, product and service offerings, and investments with the goal of creating a sustainable economy.
The committee, which is accountable to the CEO, convenes six times a year and reports regularly to the Corporate Governance Committee. Inthe committee oversaw the development and launch of the Environmental and Social Risk Policy Framework, which articulates how we approach environmental and social risks across our business, as well as outlines the environmental and social issues most relevant to us.
We are also a signatory member of the United Nations Global Compactwhere we participate in global efforts to promote and report sustainable and responsible policies and practices. Additionally, our Code of Conduct, along with our Vendor Code of Conduct, Human Rights Statement and Modern Slavery Act Statement, is grounded in our values and outlines our business practices and policies, as well as professional and personal conduct that all employees are expected to adopt and uphold.
We recognize the impact this work can have on our communities, customers, clients, vendors, employees and company, and take our role in managing those risks very seriously.
Executive compensation We have a longstanding commitment of aligning executive compensation to performance. We recognize the importance of determining compensation based on a full range of factors that drive short- and long-term performance of a company, including those related to ESG.
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