Posts Categorized: Regions

Making the Case for Crowdfunding Rules

ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION. Start-up companies and investors eagerly await SEC final rules implementing the JOBS Act’s crowdfunding provisions. The SEC, however, must ensure investors are adequately protected. Achieving this goal will help validate crowdfunding as a viable investment and capital raising tool. Janet Pegg, CPA,… Read more »

“Exit Left:” A Reflection about VC Investing & Entrepreneurship

ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION We have seen this story play out again and again. An entrepreneur hatches an idea, then looks for independent sources of funding to grow and scale the business. Blame the practice of independent venture capital (VC) firms dedicating a lot of focus… Read more »

Introducing Cornerstone Capital Global Sector Strategy

ABSTRACT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MAY 2014 EDITION We introduce the Cornerstone Capital Global Sector Strategy Model which ranks the 10 GICS in the MSCI All Country World Index. The model employs a quantitative multi-factor methodology to generate sector recommendations based on proprietary measures of valuation and earnings and incorporates… Read more »

Why Compliance Programs Work Like Pushing a Rope… How Leaders Can Impact Behaviour

Co-Authored by Dan Ostergaard, Managing Partner of Integrity by Design and Dr. Michael Fuerst, Senior Manager at Novartis View the article as a PDF. Few ingredients are as important to building a successful organization as culture and most CEOs will argue that integrity is one of the cornerstones. But how do CEOs foster an entrepreneurial spirit… Read more »

Alibaba’s Hybrid Corporate Governance Structure

The upcoming IPO has attracted media and market attention as one of the first efforts by a Chinese company to list on a U.S. Exchange. Founded 15 years ago, Alibaba is a giant in China’s e-commerce business, with online shopping sites combining the power of an Amazon and eBay with the ubiquity of a PayPal…. Read more »

Smoke & Mirrors: The E-Cigarette Conference Call Highlights

Recent announcements by the Food and Drug Administration to regulate e-cigarettes are significant for the future of the $1.2 billion industry, not just because of the material impact of future regulations, but also because of the impact of the public debate and media discourse on the topic.  The FDA’s focus is on banning sales to… Read more »

Introducing Cornerstone Capital Global Markets Regional Equity Strategy Model

In this note, we introduce the Cornerstone Capital Global Markets Regional Equity Strategy Model.  As discussed in detail below, the model employs a quantitative multi-factor methodology to generate regional recommendations based on proprietary measures of valuation and earnings.  The Cornerstone Capital model also takes into account corporate governance metrics by region.  We will be updating… Read more »

Smart Grid Infrastructure – Status, Opportunities and Risks

As we strive towards a system change, replacing linear business models with circular, impact-integrating strategies, network infrastructures are at the core of a major shift. From low-risk, low-return physical assets, they are being transformed into smart grids….

Building Sustainable Cities with New Design Processes and Open Data

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. New data and technology advancements in the infrastructure design industry have the potential to revolutionize how finance and banking professionals screen opportunities for impact investments. The design industry is rapidly moving from the practice of drawing lines and circles to an intelligent,… Read more »

Increasing Access to Clean Water in Kenya: The Case for a Social Impact Bond

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. With limited public funding available for socially and environmentally responsible programs, a variety of initiatives have been developed to attract private capital into sustainable development. Although still in their infancy, social impact bonds (SIBs) offer a promising outlook for sustained public-private partnerships…. Read more »

Cornerstone Roundtable Discussion on the Global Pharmaceuticals Industry

The “Biopharma” Industry The lines between the “pharmaceuticals” and “biotechnology” sectors are becoming increasingly blurred. With 35-40% of the earnings of global large cap pharmaceuticals companies coming from biologics, it is probably more accurate to refer to these companies as operating in the “biopharma” industry. Corporate governance has played a key role in the emergence… Read more »

Filling the Infrastructure Data Gap in Impact Investing

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. The OECD estimates USD 53 trillion in investment or the equivalent of an annual 2.5% of global GDP by the year 2030, to meet demand for infrastructure investment by 2030. Those numbers are so large and intimidating that most people are tempted… Read more »

New Tools, New Tricks: How Emerging Applications Are Becoming Game-Changers for Impact Investors and Infrastructure Development

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. The creation of standardized economic tools that can be used in the context of infrastructure exchanges may enable a new era of impact investing. Investors can use new standardized metrics to shape the definitions of new asset classes, including green bonds and… Read more »

Maersk: Sustainability as a Driver for Growth

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. It is our experience that sustainability adds value if it is tied closely into business and is allowed to help the company take a longer term perspective on material matters. At its core, it adds value through better risk management whether it… Read more »

Trinity River Vision Authority Applies Sustainability Rating and Business Case Analysis to Set Stormwater Management Principles

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. The financial benefits coupled with the benefits of maintaining the water quality of the lake and canals planned for Panther Island makes a clear case for expanding the use of green infrastructure in North Texas that will benefit the development community and… Read more »

WCX Finalizes Project Principles and Standards

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. On January 2nd, the West Coast Infrastructure Exchange (WCX) released the final version of “Infrastructure Project Certification –Principles and Framework” which was developed by the WCX Business Standards Committee. The principles and project standards are the first-ever attempt by multiple US states… Read more »

Transportation Facilities Focus on Sustainability at Billion Dollar Scale

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. When we commute and travel, do we think about the long-term sustainability of the facilities we use? Does it matter that these buildings are efficient and provide healthy environments? Up until now, we have considered multi-modal transit facilities as positive infrastructure since… Read more »

Social Stock Exchanges: Democratizing Impact Investing

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE APRIL 2014 EDITION. While impact investing is still far from being an accessible opportunity for the general population, investor demand for greater liquidity and platforms such as Kiva and Kickstarter make it clear that the potential for involving retail investors in the sector is immense…. Read more »

Lack of R&D Tax Credit Will Complicate First Quarter Earnings

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MARCH 2014 EDITION. Investors should be aware that first quarter earnings could have a little extra “noise” in them this year, and may not be comparable to previous years.  The problem results from Congress not extending the R&D tax credit again.  The credit has a… Read more »

Design to Serve the Changing Needs of the Reasonable Investor

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MARCH 2014 EDITION. The reasonable investor of 2014 is not the same as the reasonable investor of 1973. However, investors don’t have information to determine how companies are adapting to this new reality. In this situation, investors need comparable environmental, social, and governance (ESG) data… Read more »

Supply Chain Ethics & Design: Sustainability Becomes Fashionable with Indigenous Fair Trace Tool™

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE MARCH 2014 EDITION. Fashionistas can now see beyond clothing labels for the first time with the Fair Trace Tool™ developed by fair trade fashion company INDIGENOUS. This new tool, in the form of a QR code on hang tags, offers transparency throughout the garment’s supply… Read more »

Rausch Chocolate

Unbeknownst to many consumers, the supply chain that facilitates the delivery of those delectable heart-shaped chocolates is facing significant challenges. Should these challenges go unresolved, the future of chocolate may not be so sweet. The large majority of cocao is grown on small family farms that often use unsophisticated, labor-intensive farming practices. Poor yields are demonstrative of poor or inexistent educational systems and inadequate knowledge of modern farming techniques.

Nestlé: Leading Company in Climate Change Mitigation & Adaptation

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. Climate change is integrated into our company-wide risk management processes and in 2013 we further strengthened their commitment to lowering GHG emissions associated with the production and distribution of our products. Nestlé also commits to designing products that help consumers lower their… Read more »

The “Chinese Dream” Chinese Citizens Dream About Health & Environment Improvement More Than About Their Country Being a Superpower

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. The “Chinese Dream” has become the most discussed topic today in China. The people of China have their own dreams and observe cautiously all the hype around this slogan, waiting for good reasons to believe in what they are promised. Thirty years… Read more »

Preserving the Rainforest: Sustainable Solutions from the Private Sector

In order to create a virtuous cycle where forests are essential to sustainable economic growth both for local communities and markets, private investors need to be both catalysts for existing best practices and sources of new forms of sustainable investing initiatives, aiming to preserve and restore the world’s native forests. Transparency over existing practices is a prerequisite for the much needed transition to a sustainable system that simultaneously promotes economic growth and sustainable forestry.

Accounting for Timber – Lack of Convergence Illustrates the Differences between Historical Cost & Fair Value Accounting

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. Over the past few years one of the dominant hot topics in investment analysis has been fair value accounting.  After the credit crisis, there was a call by some to require fair value accounting for financial instruments.  The issue of the appropriateness… Read more »

Fibrea: A Leader in Sustainability

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. Fibria began 2014 by celebrating great achievements. The company was recognized in the 2014 Sustainability Yearbook released by RobecoSAM, which is responsible for the Dow Jones Sustainability Index (DJSI). The company received the prestigious Gold Class Sustainability Award for its leadership in… Read more »

Applying The Rainforest Standard™ to the World’s Forests

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. The Rainforest Standard™ is the world’s first forest carbon credit standard to fully integrate requirements and protocols for carbon accounting, socio-cultural/socio-economic impacts, and biodiversity outcomes.  In 2009, Cargill S.A. and other sponsors invested in a unique collaboration among Columbia University’s Center for… Read more »

Sunshine in the Garden State: An Unlikely Leader in Solar Energy

EXCERPT FROM THE JSFB. SUBSCRIBERS CAN READ THE FULL ARTICLE IN THE FEBRUARY 2014 EDITION. In the U.S., domestic developments have made New Jersey the third leading state in solar energy. This reflects a changing energy landscape in which sustainability has become a global policy consideration. The long-term trend is towards the adoption of renewable energy… Read more »

Disclosure Overload: Don’t Throw Investors Out with the Bathwater

Extract from the Cornerstone Journal of Sustainable Finance & Banking, January 2014 written by Janet Pegg, Head of Accounting & Valuation at Cornerstone Capital Inc. and former Managing Director and Analyst of U.S. Accounting Research at UBS Investment Bank. Janet is an II-ranked Analyst. Subscribers can view the full article in the January edition. Although mandates… Read more »

Big Data in the Social Sector

Extract from the Cornerstone Journal of Sustainable Finance & Banking, January 2014 written by Sonal Shah, a Senior Fellow at the Case Foundation and a Fellow at the Institute of Politics at Harvard University and Hollie Russon Gilman, a Democracy Fellow at Ash Center for Democratic Governance and Innovation, Harvard Kennedy School. Subscribers can view the… Read more »

The Value of a Sustainable Brand

Extract from the Cornerstone Journal of Sustainable Finance & Banking, January 2014 written by Michelle Greene, Senior Vice President and Head of Corporate Responsibility, NYSE Euronext. Subscribers can view the full article in the January edition. For b-to-b enterprises, sustainable brand value may not be as readily apparent. The most obvious application may be in serving those… Read more »

Cornerstone JSFB ‘CEO’s Letter’ in Mandarin, January 2014

January 2014 Issue: 首席执行官关于可持续金融和银行业的致辞 在这期的Cornerstone 可持续金融和银行业的月刊里, 因为全球市场到了报告业绩的季节并伴随着股价有可能在2014年获利调整后再涨高,我们把注意力放在数据上。我们考虑大数据,负有责任的数据原则, 对环境,社会和公司治理分析的数据,以及数据运载。当包括思科和微软等公司在内的商业领袖在达沃斯讨论了从“数据储存的全球标准”到“所有东西的网络”, 讨论也集中 在如何达到安全的必需性和个人隐私权的平衡。我们提供了全世界在资本市场领域为卓越而努力工作的杰出专家的报告。 在短期内,在投资者吸收IBM和联想为低端服务器交易的定价时,我们也思索IBM Watson商业体的长期潜力和在认知计算方面的机会,以及 IBM把什么称为智慧的星球。对复杂的决策过程转化进行商业化的承诺也使我想起了阿尔伯特爱因斯坦的智慧。他的最被人广为知道的和最被人喜欢的名言是“不是所有能计算的都有价值,并且不是所有有价值的都能被计算”。但是在我们从全方位考虑数据的这期月刊里的上下文中,我们也应该注意爱因斯坦的警告“具有知觉的头脑是一个神圣的礼物而理智的头脑是一个忠实的仆人。我们已经创建了一个奖励仆人而忘记了礼物的社会”。 因此,不是期望计算力将最终能够理解细微之处和权衡直觉, 我们推荐哈佛大学政治研究所和Case 基金会Sonal Shah 的见解。在她的题为“社会部门大数据”的编辑精选里,Sonal号召对数据交叉引用的复杂性进行严格的政策讨论,从而我们能够有合适的背景支持,能够避免对现实扭曲的损坏。 进而在“责任性数据的原则”报告中,Cornersone分析师Michael Shavel提供了一份现状报告,这份报告讨论了当股份持有人对数据完整性,数据质量,数据的生命周期,以及数据安全性等的需要做出反应时,股份持有人在何种程度上能够敏锐地了解公司对于数据管理的现有政策。 正如Sonal寻找那些不仅含有数据也含有关键的能带来责任,同情和怜腼等社会好处等元素的算法时,Framework 公司的 Kathee Rebernak在这个月 “Featured Domain”章节寻找更深层的对公司优秀的理解。在一篇题为“SustainabilityMapping.com”的文章中,Kathee强调伟大的公司能够更好的理解他们的发明,经济和我们人力及自然资源的相关性及相互依存性。这个系统层面上的途径将给所有的我们带来更大的繁荣。 回到这个月的“Sustainability and the Digital Dilemma,” 章节,我们收录了一篇来自于洛克西德马丁公司关于可持续发展,报告和股份持有人管理部门主任Matthew Swibel,的一篇文章。在这里,Matthew指出网络事件的指数级成长估计耗费了社会3,880亿美金并且大声提出全球对信息安全的需要会使可持续发展显著的提到日程上。虽然很难模拟经济上的影响, 但是信息安全不可能利索的切合到任何 ESG的评分卡上,争论的焦点在于日益增长的非金融信息的纰漏必须要得到加强。 谈到公司的信息纰漏,在这月期刊的“Investment Storytelling Through Enhanced Analytics”章节部分,我们介绍一篇 Colcomgroup公司董事总经理Brad Monterio的文章。这篇文章强调了使ESG数据的格式,结构,和应用更一致的路已经铺垫好。鉴于公司很大量的信息是在财务报表之外,XBRL的时点已经到来了。 鉴于这个主题的复杂性,我们请Cornerstone Capital 估值和会计主管Janet Pegg来讨论 “Disclosure Overload: Don’t Throw Investors out with the Bathwater”这个主题。因为Mary… Read more »

A New Approach to Looking at ESG Risk at the Country Level – Using Brazil as an Example

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Alexandra Mihailescu Chichon,Head of Business Development, RepRisk AG, and Anna Tuson, Media and Communications Lead, RepRisk AG. As in all investment decisions, but even more critical when emerging markets are concerned, comprehensive research and timely information about what’s happening on the… Read more »

Acting in the Present with an Eye on the Future

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Marina Grossi, President of CEBDS, the Brazilian Council for Sustainable Development. The goal of documents like Visão Brasil or even the World Business Council for Sustainable Development`s (WBCSD) original document: Vision 2050 – The New Agenda for Business – is to… Read more »

Next Generation Brazilian Consumers Focusing on Sustainable Actions

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Gustavo Piras Oliveira, LatAm Director of Research and Consumer Analyst, UBS. Consumers are becoming highly alert to socially responsible and sustainable actions. Consumers want things that are meaningful for their lives. Sustainable actions should drive demand and profitable growth in Brazil…. Read more »

Sustainable Leadership Platform: Stories of People Who Lead Through Values and Sustainability

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Ricardo Voltolini, President-Director of Sustainable idea: Strategy and Intelligence in Sustainability Recently introduced documents within the scope of the United Nations Global Pact address the need for a new type of leader to face the challenges of the 21st century. More… Read more »

Brazil’s Energy Outlook – Reconciling Socio-Economic & Environmental Progress

As last year’s Earth summit in Brazil, Rio+20, clearly showcased, many people believe indeed that a “green growth” economic model, integrated within the long term vision of sustainable development, is incompatible with the economic growth countries like Brazil strive to achieve in order to bring prosperity and progress to all. Is this antagonism relevant, or is there a way to reconcile these major objectives?

Integrated Financial Reporting in Brazil

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Robert G. Eccles, Professor of Management Practice at Harvard Business School, Chairman of SASB and member of the Steering Committee of the International Integrated Reporting Committee. Will Brazil’s market structure make it a country leader in adopting integrated reporting? It’s all… Read more »

A Construction Company Can Be Sustainable

Extract from the Cornerstone Journal of Sustainable Finance & Banking, December 2013, written by Carlos Terepins, CEO & Chairman of the Board of Directors, Even Construtora e Incorporadora SA. The reasoning that should propel environmental initiatives is the certainty that society is increasingly recognizing and rewarding companies imbued with true social and environmental duty and… Read more »

“Extremes vs. Realities: Opportunities for China’s Urban Development”

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Zheng Xiaoping, Vice President of the China City Development Foundation and Director of BAZO. This is an era in which to connect worldwide resources to opportunities, and all of us can contribute to and benefit from them.  If there is one… Read more »

A Zero Sum Game: Assessing Water Risks in China’s Mega Infrastructure

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Cyrus Lotfipour, Emily Chew, and Shuyuan Jin, MSCI ESG Research, a leading provider of in-depth environmental, social& governance research, ratings and analysis, with more than 150 ESG specialists worldwide. Water Scarcity poses an operational risk to companies in the metals, mining,… Read more »

Jumpstarting Access to Capital

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by David Robinson, Professor of Finance, Duke University and member of the World Economic Forum’s Global Agenda Council on Capital & Financing. In the wake of the economic slowdown precipitated by the global financial crisis, governments all around the world have been… Read more »

Financial Instrument Accounting: Still Waters Run Deep

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Janet Pegg, Head of Accounting & Valuation at Cornerstone Capital Inc. The FASB and the IASB have been working since before the financial crisis to improve accounting for financial instruments. Although the Boards have worked together, it is probable there could… Read more »

China Threat? The Challenges, Myths, and Realities of China’s Rise

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Lionel Vairon, Vairon author of the “ China Threat? The Challenges, Myths and Realities of China’s Rise” and former diplomat to Cambodia, Thailand, and Iraq. The Book “ China Threat ?” aims at giving a more balanced, less ideological view of… Read more »

China: The Elusive Market for US Technology Companies

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Nikos Theodosopoulos, Founder of NT Advisors LLC, a consulting and advisory firm for the Technology Industry. While China represents a large and rapidly growing market for US Technology companies, the path to success in this market has proven difficult and sometimes… Read more »

Sustainable Agriculture: When Less is More

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Karla Canavan, CAIA, Commercial Director at Bunge Environmental Markets.  The solution to the challenge to feed 10 billion people in 2050 is yet to be seen. However women farmers could trigger a big change and unfold a sustainable solution to the… Read more »

A Mandarin Translation of the CEO’s Letter in the Cornerstone JSFB, November 2013

首席执行官关于可持续金融和银行业的致辞 过去一个月西方市场得益于特殊的货币刺激政策而持续走高,并且这种刺激在短期内没有放缓的迹象,在这个月Cornerstone 可持续金融和银行业的月刊里我们想借此机会来讨论一下东方市场。在众所期盼的中国共产党十八届三中全会后,全世界金融市场的参与者对于改革政策不能完全被市场接受而感到困惑,我们通过在本期中介绍两位中国问题专家的专题文章来共同思考最优的长期繁荣的途径。在我们新的“Regional Imperatives”章节,前法国外交部长Lionel Vairon 通过他最新出版的“中国的威胁”一书务实性地回答了中国崛起的秘密和现实。也是在这个月的期刊里,中国城市发展基金会的郑小平带来了他基于多年在大规模城市发展方面的经验为中国城市化进程中跨地域知识和资本流向等方面而提出的一个模式。 除了郑所指出的在持续推进城市化进程中的困难,我们也探讨了一个以扩大内需作为经济未来发展方向所面临的关键问题:即对于淡水的需求。水危机无疑是二十一世纪无可争议的危机,在这月期刊的“Enhanced Analytics”章节,我们重点讨论MSCI研究的一个新报告,报告的题目是“零和游戏:评估中国超大规模基础设施的水危机。”在这里,Linda Eling-Lee的团队探讨了基金经理可用来清晰审视他们投资决定中关于处理水危机的方法。 在我们注意到水是世界消费品公司重要的可持续发展关注点的同时,我们也借此机会在这个月的期刊里来讨论一下瑞银全球经济学家 Paul Donovan 和环境,社会,公司治理以及可持续发展策略师Julie Hudson 的评论。在这月期刊的“Sustainable Standout”章节,他们认为确实有办法来调和政治必然性,经济挑战,以及为全球生产低廉成本食品所付出的环境代价…..既集中解决这个系统中巨大的浪费。在他们新著的题为“食物政策和环境信贷危机—从汤到坚果”一书中,Paul和Julie继续帮助投资者回答应对消耗明天有限的资源来维持今天的消费水平所面临挑战的策略。 提及为这个饥饿的世界可持续性的提供食物所面临的挑战,这个月在我们“Open Source Excellence”章节,我们重点推荐一篇来自Bunge Environmental Markets 的Karla Canavan 的文章。Karla提出了一个引人注目的对于如何真正有机会通过建设性的使女性农民获得参与能力来解决食物和资源匮乏问题的案例。Karla项目的讨论强调带来繁荣的同时也带来资本的巨大可能性。 回到这个月我们“Global Sector Research”的工作,我们继续讨论中国崛起的话题,在这里我们介绍了技术行业策略师Nikos Theodosopoulos 对于美国科技公司对中国市场难以捉摸的探讨。Nikos 明确地列出了中国潜在的巨大技术市场机会,阻力,以及竞争的动态性。 这个月的“Sustainable Editorial”章节我们已经讨论了富有建设性地讨论金融衍生品价值(“衍生品的社会价值”)的必需性, 接下来我们想对全球银行业的健康性进行一下讨论。我们也提供了一篇来自于银行业策略师Diane Glossman 关于全球银行业运行的法规条款的文章。Diane 分享了她对金融业回报前景以及在当前监管环境下政府对该行业应付职责的理解。接下来我们想重点推介我们研究团队的估值和财务板块负责人Janet Pegg的报告,她的报告站在很高的角度讨论了银行是如何在他们的资产负载表上处理金融工具的。 在这月期刊里我们加入了一个新的“Accelerating Impact”章节。在这里 我们强调了当前由私营和公共机构所号召的对于那些愿意看到资本可以持续性运转的全体而采取实际行动的动员。这个月我们重点讨论杜克大学的David Robinson 的工作,David 和我们世界经济论坛全球融资和资本议程理事会的同事共同设计了一个对于使资本加速流入中小企业所面临的困难进行分析的问卷调查。我们诚恳的希望读者能够使用这个链接(http://sites.duke.edu/gacfinance)来参与这个问卷调查,从而使世界经济论坛可以更好地支持促进增长和繁荣的关键发动机。 也是在这期月刊里,在我们的“Corporate Governance Insights”章节, 我们非常高兴地分享John Wilson关于私有行业在公司可持续发展倡议中支持程度的讨论。在这篇连续报告中,前任TIAA-CREF公司治理总负责人探讨了如下问题: 公司以及股份所有者在可燃烧碳问题上参与性的改变,碳排放纰漏的透明性,以及我们想推进私有行业对于气候危险问题提出解决办法所需要的商业模型的改进。 来结束这个月的期刊,除了重点推出TheLastPanda.org作为我们“Featured Domain”,我也想谈一下Cornerstone的团队成员经常自问我们对于“公司可持续发展”的定义。我们以前已经指出过在可持续金融领域语言所带来的挑战 (请参见我们在福布斯发表的题为“可持续性能够持续吗?”一文), 我们认为形成一个我们共同认可的统一定义的决心也许是徒劳的。并且企盼这个确定答案的想法也确实不可能加速改变的速度。所以对于Cornerstone Capital 来说,“公司可持续发展”的定义和公司所采用的战略以及商业技巧的紧密结合将是我们不遗余力对再生性以及从全方位考虑来发展经济的实质进展的追求。… Read more »

Things We Can Kick…And Things Which are Precious

Extract from the Cornerstone Journal of Sustainable Finance & Banking, October 2013, written by Janet Pegg, Janet Pegg is currently the Head of Accounting & Valuation at Cornerstone Capital Inc. Rather than having companies provide point-in-time valuations of intangible assets, what investors would find more useful is increased disclosure of the assets, both tangible and… Read more »