Recent Commentary

November 21, 2013

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 »

November 21, 2013

Food Policy & the Environmental Credit Crunch

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Paul Donovan, Managing Director and Global Economist at UBS Investment Bank, and Julie Hudson, Managing Director, SRI & Sustainability at UBS Investment Bank. The global economy is at a dangerous stage of human development. The (relative) cornucopia of plenty has bred… Read more »

November 21, 2013

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 »

November 21, 2013

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 »

November 21, 2013

Living in Regulatory Purgatory

Extract from the Cornerstone Journal of Sustainable Finance & Banking, November 2013, written by Diane B. Glossman, an independent Director at Powa Technologies, WMI Holdings, and Ambac Assurance. Ultimately companies and industries cannot be regulated into behaving well: ethical mores have to be established by senior managements and become ingrained throughout organizations from within.

November 21, 2013

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 »

November 21, 2013

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 »

November 21, 2013

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 »

November 21, 2013

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 »

October 24, 2013

“Embrace the Grey”

Extract from the Cornerstone Journal of Sustainable Finance & Banking, October 2013 written by Erika Karp, Founder & CEO of Cornerstone Capital Inc. and Derek Yach, Chairman of the Board of Cornerstone Capital Inc. and SVP of the Vitality Group, Discovery Holdings Ltd. The path to progress is not a straight line. And in fact,… Read more »