«understanding social costs»

Disponível aqui.

DA AUSTRALIA|«ACSI Governance Guidelines»

Disponível aqui.

Um excerto:

«What’s new? 

In this seventh edition, you will see that ACSI has revised and streamlined many existing principles, as well as providing specific guidance and examples of the factors it considers when assessing voting recommendations for its members (in most cases, featured in highlighted ‘breakout’ boxes). 

New guidelines have been added regarding: 

• Board gender diversity, based on the belief that skilled and suitably diverse boards make for better‐governed companies and, as such, higher value investments – in line with ACSI’s target of 30% women on each ASX200 board by 2017. 
• A new section on major transactions which refines ACSI’s views on capital raising conduct, share buybacks and expected behaviours during takeovers. 
•  Strengthening the guidelines relating to shareholder resolutions to require that boards must consider the substance of shareholder resolutions, offer to engage with its proponents and (if the board recommends a vote ‘against’) to explain publicly why its position better serves shareholders’ long term interests.
• Clearly articulating that ACSI supports companies taking a bespoke approach in remuneration matters that bestsuitsthe specific needs of the company, as well asrefinementsincluding sign‐on grants and non‐executive director shareholdings».

DA AUSTRÁLIA|«ESG Reporting Guide For Australian Companies»

Disponível aqui.

Da apresentação:

«The Australian Council of Superannuation Investors (ASCI) and the Financial Services Council (FSC) are delighted to introduce this inaugural ESG Reporting Guide for Australian Companies. 

Over recent years, investment managers (represented by the FSC) and asset-owners (represented by ACSI) have grown in sophistication in their recognition of the critical importance of environmental, social and governance (ESG) factors to the long-term performance of the companies in which they invest. 

While the drivers of this trend are many and varied, there is no question that ESG issues will invariably impact the ability of companies and their investors to achieve sustainable growth and prosperity into the future. 

Thus far, institutional investors and companies have struggled to find common ground in defining the ways ESG factors influence their shared goals to achieve sustainable long-term growth and prosperity. Likewise, there has been relatively little shared understanding of how to report on those factors, and how to reconcile them with financial metrics that have traditionally dominated company reporting and investment analysis processes.

 The Guide has been prepared to fill precisely that gap.

 From the investors’ perspective, there is a need for meaningful, accurate, timely and comparable data to help them identify and manage their exposure to ESG investment risks. The provision of this data will assist investment managers in their decisions about selection and holding of stocks in their portfolios. It will also prompt investment managers, broker analysts and asset owners (principally superannuation funds) to constructively engage with companies on these matters.

From companies perspective, it is reasonable to expect consistency and predictability in the data requirements being sought by the institutional investor community, and for reporting obligations not to impose undue costs, competitive disadvantages or other commercial burdens. 

Recognising these goals, the Guide has been prepared jointly by ACSI and the FSC to highlight the minimum information and reasonable data requirements that are needed for our member organisations to successfully price, analyse and manage ESG investment risks.

 The Guide has been developed to complement reporting requirements spelt out in other best practice guides such as the ASX Corporate Governance Principles and Recommendations, and the existing best practice guides issued by each of our associations. 

We look forward to the Guide facilitating an improvement in the disclosure levels, consistency and quality of engagement over ESG issues between Australian companies and their institutional investors».