Categories
ESG
  • Dual-Class Shares: The Good, The Bad, and The Ugly

    Source: Rocky Tung, Mary Leung
    Date Submitted: 09 Sep 2018
    Views: 2180
    Downloads: 56
    A Review of the Debate Surrounding Dual-Class Shares and Their Emergence in Asia Pacific
  • Considering the Risk From Future Carbon Prices: The S&P Carbon Price Risk Adjusted Index Series

    Source: Hannah Skeates, Andrew Innes
    Date Submitted: 02 Sep 2018
    Views: 470
    Downloads: 2
    S&P Dow Jones Indices launched the S&P Carbon Price Risk Adjusted Indices to embed future carbon price risk into today’s index constituents, an example of the broader move toward incorporating ESG considerations in asset management.
  • Corporate Climate Competitiveness: Growing Your Business, Optimizing Investments, and Managing Costs

    Source: Christopher Baldock, Teri Mendelsohn
    Date Submitted: 26 Aug 2018
    Views: 38
    Downloads: 2
    Businesses that successfully decarbonize their operations in line with global energy transition commitments may be more likely to protect their license to grow and avoid increased costs from carbon pricing.
  • Climate Risks and Market Efficiency

    Source: Harrison Hong, Weikai Li, Jiangmin Xu
    Date Submitted: 11 Aug 2018
    Views: 17
    Downloads: 0
    Climate science finds that the trend towards higher global temperatures exacerbates the risks of droughts. We investigate whether the prices of food stocks efficiently discount these risks. Using data from thirty-one countries with publicly-traded food companies, we rank these countries each year based on their long-term trends toward droughts using the Palmer Drought Severity Index. A poor trend ranking for a country forecasts relatively poor profit growth for food companies in that country. It also forecasts relatively poor food stock returns in that country. This return predictability is consistent with food stock prices underreacting to climate change risks.
  • Awakening Governance: The evolution of corporate governance in China

    Source: Jamie Allen, Nana Li
    Date Submitted: 08 Aug 2018
    Views: 25
    Downloads: 0
    This is an independent and objective review of the development and current state of corporate governance in China by ACGA. 

    Please visit ACGA website (https://www.acga-asia.org/specialist-research.php) to download the soft copy, available in both English and Simplified Chinese.
  • How an Industry Reduced its Carbon Pricing Risk by 922%

    Source: Rochelle March
    Date Submitted: 06 Aug 2018
    Views: 582
    Downloads: 0
    Companies that act now to invest in low carbon technologies have the chance to maintain their license to grow and avoid carbon pricing costs that would significantly reduce profits. 
  • ZSL finds lack of transparency regarding ESG issues in tropical forestry sector restricts monitoring of corporate commitments

    Source: Clara Melot
    Date Submitted: 20 Jul 2018
    Views: 387
    Downloads: 16

    SPOTT assesses 50 timber and pulp producers on the public disclosure of their policies, operations and commitments to environmental, social and governance (ESG) best practice. Results show that the tropical forestry sector has much more to do to improve the public disclosure of its policies, operations and commitments, with an average score of just 31%. Only five of the 50 companies assessed demonstrated higher levels of transparency (scoring more than 66%).

    Investors may not have sufficient access to publicly available information to assess land based risks such as deforestation and land-conflicts, as only eight companies were found to publish clear and comprehensive maps of their forestry operations, while 27 companies disclosed incomplete information. A further 15 companies do not provide any suitable maps of their operations, meaning the location of over 45,000 square kilometres – or over six million football pitches – of forestry operations remains unclear.

    To see the scorecard and individual company assessments: https://www.spott.org/timber-pulp/

    To see the interactive summary of findings:
    https://www.spott.org/timber-pulp-summary/

    For more information, contact:
    ​clara.melot@zsl.org / spott@zsl.org

  • Does FV Measurement contradict long-term investment?  -- Discussion EC consultation Fitness Check

    Source: Chie Mitsui
    Date Submitted: 11 Jul 2018
    Views: 60
    Downloads: 10
    The European Commission(EC) published consultation ”Fitness Check” asking people with comprehensive view for the fitness of the EU reporting framework for public company to EU strategy of enhancing environmental investment. Recently EU issued a report which discusses sustainable finance by "High-level experts group(HLEG)" and announced its’ action plan.
    This consultation is one of them. It asks people to possibility to amend IFRS 9 FV measurement for long-term investment. This is not issue only for EU. We discussed this consultation and summarize what we learned.
  • Measuring causal relations and identifying critical drivers for corporate sustainability: The quadruple bottom line approach

    Source: Boonlert Jitmaneeroj
    Date Submitted: 04 Jul 2018
    Views: 55
    Downloads: 8
    This study investigates causal interrelations among the four pillars of corporate sustainability including environmental, social, governance and economic performance. Besides, this study identifies the critical pillars deserving of highest reform priorities for sustainable development.
     
  • A latent variable analysis of corporate social responsibility and firm value

    Source: Boonlert Jitmaneeroj
    Date Submitted: 04 Jul 2018
    Views: 56
    Downloads: 8
    Corporate social responsibility (CSR) has several dimensions that are inherently unobservable or measured with errors. Due to measurement errors of CSR proxies, regression analysis seems inappropriate for investigating the relationship between CSR and firm value. Accounting for CSR measurement errors, this study therefore uses a latent variable analysis to examine whether CSR affects firm value.
     
  • Integrating Carbon Risk With the Quality Factor

    Source: Bill Hao
    Date Submitted: 03 Jul 2018
    Views: 63
    Downloads: 0
    In this blog, we explore the integration of carbon risk in quality factor portfolios.
  • A Look Inside Green Bonds: Combining Sustainability With Core Fixed Income

    Source: Dennis Badlyans, Aye M. Soe, Hong Xie
    Date Submitted: 01 Jul 2018
    Views: 774
    Downloads: 65
    The S&P Green Bond Index provides a rules-based, transparent benchmark to measure the performance of the global green bond market.
  • Corporate Carbon Disclosure in Asia-Pacific

    Source: Erik Christianto, David McNeil
    Date Submitted: 20 Jun 2018
    Views: 370
    Downloads: 3
    How do Asia-Pacific firms quantify supply chain risks, set science-based targets, and implement internal carbon pricing?
  • The Carbon Scorecard May 2018

    Source: Jessica Taylor, Alex Lake, Christina Weiman
    Date Submitted: 04 Jun 2018
    Views: 250
    Downloads: 24
    S&P Dow Jones Indices is committed to providing index solutions that provide choices and reflect low-carbon options. When we compare almost all the indices with their carbon-focused counterparts, the low-carbon versions actually outperformed the benchmark over a five-year period.
  • CFA Institute and PRI survey on ESG integration in Asia

    Source: Justin Sloggett, CFA, Matt Orsagh, CFA
    Date Submitted: 24 May 2018
    Views: 891
    Downloads: 0

    CFA Institute and PRI survey on ESG integration in Asia
     
    In 2017, CFA Institute and the PRI agreed to undertake an ESG investing study that entails a survey, a series of workshops and the release of four reports: one case study report and three regional reports. The aim of the study is: 

    1. to understand the current state of ESG investing in listed equity and fixed income across the AMER, EMEA and APAC regions; 
    2. to analyse the drivers, barriers and solutions of ESG investing.

    We would like you to help us by responding to the survey: https://start.yougov.com/refer/vXwDHpNl4ZBrY2

    The results of the study and the feedback from the workshops will be published in the regional reports. There will also be regional and country guidance and case studies on how investors are integrating ESG issues into their investment analysis and decisions. These reports will be readily available for all CFA members and PRI signatories.
     
    The survey contains two sets of questions that should take roughly 8 – 10 minutes to complete. It covers the impact of ESG investing at the financial market level and firm level. It is being completed by participants across seventeen countries.
     
    If you like to fill out the survey, please do so by 15 June. We appreciate your response.

    ______________________________________________________________________________


    ESG Integration Explained: An Alpha-Generating and Risk-Reducing Tool


    The term “ESG integration” is often used when talking about ESG investing. Practitioners new to ESG investing are sometimes uncertain what ESG integration is and how it is performed—so much so that they may not realize they are already performing integration techniques informally.

    One definition of ESG integration is “the explicit and systematic inclusion of ESG issues in investment analysis and investment decisions.” Put another way, ESG integration is the analysis of all material factors in investment analysis and investment decisions, including environmental, social, and governance (ESG) factors.

    What does that mean? It means that leading practitioners are:

    • analyzing financial information and ESG information;
    • identifying material financial factors and ESG factors;
    • assessing the potential impact of material financial factors and ESG factors on economic, country, sector, and company performance; and
    • making investment decisions that include considerations of all material factors, including ESG factors.

    What does that not mean? It does not mean that

    • certain sectors, countries, and companies are prohibited from investing;
    • traditional financial factors are ignored (e.g., interest risk is still a significant part of credit analysis);
    • every ESG issue for every company/issuer must be assessed and valued;
    • every investment decision is affected by ESG issues;
    • major changes to your investment process are necessary; and, finally and most importantly, 
    • portfolio returns are sacrificed to perform ESG integration techniques.
  • Is ESG a systematic risk factor?

    Source: Ick Jin
    Date Submitted: 16 May 2018
    Views: 117
    Downloads: 17
    ESG-integration provides downside protection. Since it is a desirable trait, rational investors are willing to accept a higher price for ESG-investment products than comparable conventional-investment products. ESG-investing is likely to under-perform their counterparts in terms of ex-ante rate of return, and outperform their counterparts when ESG-events trigger financial losses. If ESG-investing is expected to provide the same return as conventional investing, the value of downside protection of ESG-investing is likely to be mispriced.
  • Safeguards against the Introduction of a Dual-Class Shares Structure

    Source: Rocky Tung, Mary Leung, CFA
    Date Submitted: 17 May 2018
    Views: 2940
    Downloads: 75

    Safeguards against the Introduction of a Dual-Class Shares Structure
     
    As revealed in a survey conducted in Asia Pacific by CFA Institute in March, a majority (60%) of the 450-plus respondents have not had any experience investing in firms with a DCS structure, which signalled the urgency for and need to educate investors and the general public on the implications of DCS structures.


    The survey, “Dual-Class Shares and the Demand for Safeguards,” revealed that respondents in the region were divided when asked whether DCS structures should be introduced to the market, with 53% opposing the introduction and 47% in favour. Regardless of their position on DCS, almost all (97%) respondents considered it necessary to enact additional safeguards if DCS structures are permitted.

    Among different possible safeguards, more than 90% of respondents considered it appropriate to implement enhanced mandatory corporate governance measures as well as time- and event-based sunset provisions, such as automatic conversion of shares with super voting rights to ordinary voting rights. Specifically, 94% of respondents considered it appropriate to introduce a time-based sunset provision; among which, 91% of such respondents considered it appropriate to convert shares with super voting rights to ordinary shares within 10 years. Separately, 93% of respondents considered introducing a maximum voting differential appropriate; 63% of these respondents found a 2:1 maximum voting differential optimal.
     

  • Carbon Risk Integration: Interaction Between Carbon Risk and Traditional Risk Factors

    Source: Kelly Tang
    Date Submitted: 07 May 2018
    Views: 390
    Downloads: 0
    We argue that a pure, unconstrained, carbon-efficient portfolio outperformed a carbon-inefficient portfolio, as well as the underlying benchmark, on an absolute return basis, but underperformed on a risk-adjusted basis due to the portfolio having higher volatility.
  • ACGA's Submission to Singapore Monetary Authority on the Singapore Corporate Governance Code Recommendations

    Source: Jamie Allen
    Date Submitted: 26 Apr 2018
    Views: 1
    Downloads: 0
    On 5 April 2018, Asian Corporate Governance Association (ACGA) sent a letter to the Monetary Authority of Singapore in response to its "Consultation paper on Corporate Governance Councils recommendations".
  • ACGA's Submission to Hong Kong Exchange on Weighted Voting Rights for Emerging and Innovative Sector Companies

    Source: Jamie Allen
    Date Submitted: 26 Apr 2018
    Views: 1
    Downloads: 0
    On 23 March 2018, Asian Corporate Governance Association (ACGA) sent a letter to Hong Kong Exchanges and Clearing in response to its consultation paper: A Listing Regime for Companies from Emerging and Innovative Sectors".
  • ACGA's Submission to Hong Kong Legislative Council on proposed Independent Audit Regulator Bill

    Source: Jamie Allen
    Date Submitted: 26 Apr 2018
    Views: 50
    Downloads: 0
    On 9 March 2018, Asian Corporate Governance Association (ACGA) sent a letter to Bills Committee of the Hong Kong Legislative Council on Financial Reporting Council (Amendment Bill 2018) in response to its invitation to make a written submission. 

    The purpose of the Bill is to provide a statutory basis for, and funding allocation to, a fully independent Financial Reporting Council within the territory.
  • Uptake of ESG commitments and policies in the palm oil sector: focus on NDPE

    Source: Clara Melot
    Date Submitted: 27 Mar 2018
    Views: 1059
    Downloads: 25
    Are palm oil companies responding to increased scrutiny of their efforts to address the most pressing Environmental, Social and Governance (ESG) issues facing the industry? How many companies have adopted robust No Deforestation, No Peat, No Exploitation (NDPE) policies? How do they compare on human rights and labour issues? This briefing provides an overview of the results of transparency assessments of 50 of the main players in the palm oil industry (37 of which are publicly listed), carried out by ZSL and accessible on the open-access SPOTT.org platform.
  • NZFC - Corporate Governance in Mutual Funds: The Impact of Holdings Disclosure

    Source: Russell Gregory-Allen, Hatice Ozer-Balli
    Date Submitted: 19 Mar 2018
    Views: 37
    Downloads: 2
    Portfolio holdings disclosure has been a controversial issue for many years; SEC disclosure requirements in the US were relaxed from quarterly to semi-annual in 1985, then in 2004 returned to a quarterly mandate. Even today, some countries do not require holdings to be disclosed, and some are considering changing their laws to make it compulsory; New Zealand has made this change for KiwiSaver funds, and Australia is considering it. Further, in the US, there are current discussions about whether hedge funds should come under increased scrutiny, and be subject to more disclosure. In the last few years there have been several papers examining various aspects of the impact of disclosure – front-running, copycat trading, and reporting lag, in addition to the simple return performance differential. Most of these studies have either examined the before and after 2004 SEC rule change, or compare SEC disclosure vs. another disclosure mechanism. Our study examines the impact on fund return of disclosure in two ways. First, there are two markets where disclosure is not required but some funds choose to disclose – Australia and New Zealand. Second, in New Zealand in 2013 KiwiSaver funds became required to disclose top holding. The first affords us a natural experiment to compare funds that disclose with those that do not, and the second allows us to compare the same funds before and after the disclosure requirement. Based on some preliminary examinations and an earlier version of this paper, we expect to find, contrary to arguments against disclosure, that returns are not harmed by disclosure.
  • No more excuses! Performance of ESG integrated portfolios in Australia

    Source: Darren D. Lee, John Hua Fan, Victor S. H. Wong
    Date Submitted: 23 Feb 2018
    Views: 1184
    Downloads: 47
    We find compelling evidence that integrating ESG (Environment, Social and Governance) into ongoing investment practices in Australia does not harm returns, limit diversification nor adds additional risk to portfolios and investments formed from high ESG rated firms. Portfolios formed from high-rated ESG firms can provide significant outperformance, superior diversification and lower overall portfolio risk when compared to portfolios comprised of low ESG rated firms. The inclusion of ESG into investment strategies in Australia is consistent with maximising shareholder value, minimising risk and is consistent with the fiduciary responsibilities required of professional asset managers and owners. 
  • Mapping Sustainable Finance in Hong Kong

    Source: RS Group
    Date Submitted: 21 Feb 2018
    Views: 1568
    Downloads: 0
    In this inaugural survey, RS Group sets out to understand the current state of play of sustainable finance in Hong Kong as viewed by six stakeholder groups. By identifying the key drivers, challenges and sentiment towards sustainable finance, the survey aims to spark conversations, motivate action, and ultimately inform and inspire readers to adopt sustainable finance. RS Group surveyed near 240 individuals representing asset owners, asset managers, financial institutions, corporates, thought leaders, government, and regulators, and among many findings note 90% of respondents believe Hong Kong is “behind” or “reactive” in terms of sustainable finance compared with other global jurisdiction. While 75% believe sustainable finance is critical in order to maintain the city’s primacy as a leading international financial centre.

    Download the Report here: http://www.rsgroup.asia/sfi/surveyreport/

    RS Group is a Hong Kong-based family office whose mission is to advance a paradigm shift in people’s values and priorities, so that economic growth will not jeopardise human development and environmental sustainability. Recognising the severity and urgency of global issues faced today, RS Group have chosen to apply its entire capital portfolio towards advancing its mission. To further support  sustainable finance in Hong Kong, RS Group began developing the "Sustainable Finance Initiative" (SFI) in 2017. SFI’s mission is to mobilise private capital for positive impact, and accelerate Hong Kong's transition towards a sustainable financial centre.

    Further information can be found here http://www.rsgroup.asia/sfi/ or please email the team at sfi@rsgroup.asia 
     
     
  • Understanding female investors - women using capital to change the world

    Source: Moxie Future
    Date Submitted: 21 Feb 2018
    Views: 1763
    Downloads: 0
    New research published by Moxie Future shows that women are leading the way when it comes to investing responsibly with almost two thirds of those surveyed expressing an interest in pursuing investments that have a beneficial impact on society.
    The report entitled, “Understanding Female Investors: Women Using Capital to Change the World” (#UFI18) was commissioned by Moxie Future to better understand the investment preferences, habits and motivations of women and their interest in responsible investing, which entails channelling funds into companies and industries that are creating positive social and environmental change.  
     “Our survey shows that female investors want more than just good financial returns,” says Moxie Future’s Founder Ms. Jessica Robinson. “In addition, increasing numbers of professional women want to make investment decisions that positively influence the world and are aligned with their values.”
     In total, 2,536 women aged 18 to 65 were surveyed across the five major markets of Australia, China, Germany, United Kingdom and the United States through online interviews conducted between March and April 2017.
    Findings from the research highlight how female investors in China show the greatest interest and concern when it comes to responsible investment. In total, 84% of women surveyed in China expressed that they are motivated to be a responsible investor.
    Among those surveyed, globally 69% of women indicated that they would be interested in investing responsibly if suitable products were available. Interest in responsible investment products is notably highest among women in China (91%) and the United States (74%). 
    Across all markets poverty, income equality, healthcare and climate change are causes that matter the most to women when it comes to investing their wealth.
    In addition, while the research found that women are motivated, there are a number of barriers to be addressed. Many women view their lack of time, knowledge, understanding and distrust of information regarding investment products as the key obstacles in the responsible investment process. Within China however, the leading concern is lack of tested products in the market.
    “The research shines a light on the mindset of today’s female investors from their priorities when making investment decisions to the concerns that may be deterring them from investing responsibly,” says Ms. Robinson.
    “While our study has found that women are generally positive about responsible investing, it has uncovered the practical difficulties that they face when committing their money, not least a perception among women that the financial services industry is failing to offer advice that aligns with their goals and interests.
    “What this tells us is, not only is there a disconnect between women and the financial services sector, but there are untapped opportunities for the industry to work more closely with female investors to deliver products and services specifically designed around them. This includes catering to the investment preferences of women and addressing their needs in a more meaningful way.”
    With regards to China, Ms. Robinson attributes the higher levels of interest in responsible investing to the fact that Chinese women are facing more visible challenges, particularly environmental threats which may explain why they are more motivated.  
    “This is not forgetting that in terms of financial confidence, our research has uncovered that Chinese women tend to be the most bullish in their own investment abilities,” she continues.
    Results from the research also point to how of the five markets surveyed, women in Germany appear to be the most lacking in confidence. Concludes Ms. Robinson, “When it comes to responsible investment opportunities, confidence matters because the higher the level, the more likely female investors are to be concerned and engaged.”
    To view a full copy of the report, please see “Understanding Female Investors: Women Using Capital to Change the World. HONG KONG, 30 January, 2018 – New research published today by Moxie Future shows that women are leading the way when it comes to investing responsibly with almost two thirds of those surveyed expressing an interest in pursuing investments that have a beneficial impact on society.
     
     
  • IFA - Corporate Financial Distress and CEONetworks

    Source: Harjeet S. Bhabra, Ahmed H. Eissa,
    Date Submitted: 13 Feb 2018
    Views: 0
    Downloads: 0
    We study if positional embeddedness, specifically local degree and eigenvector centrality for CEOs, has an impact on the likelihood of the firm experiencing financial distress. Examining the impact three, two and one year prior to the event we conclude that an increase in CEO degree and eigenvector centrality ranking increases the likelihood of financial distress. Additionally, we find that this effect could be mitigated for CEOs with a longer tenure in the firm prior to attaining the position of CEO. Using measures of attribute based centrality, we find that appointed CEOs with more within-group connections face lower likelihood of financial distress for firms with specialty knowledge. Finally, we find that less homophilous board members with respect to educational achievements increases the likelihood of financial distress.
  • Sustainable Investment in the Global Space

    Source: Emily Ulrich
    Date Submitted: 09 Feb 2018
    Views: 1071
    Downloads: 17
    In recent years, sustainable investing has moved to the forefront of the global agenda.
  • IFA - Corporate Governance, Ownership Structure, Subscription and Short Term Performance of Indian IPOs: An Empirical Investigation

    Source: Dr. Sweta Agarwal
    Date Submitted: 09 Feb 2018
    Views: 1429
    Downloads: 12
    The underpricing of IPOs has intrigued not only business researchers and stock analysts but also
    the market regulators and corporate managers. And for good reasons because underpricing not
    only impact shareholder wealth maximization but also the company’s cost of capital, among
    others. However, the matter has relatively remained under researched in India as compared to the
    developed economies. The objective of this paper is to study the relationship between Corporate
    Governance - as evidenced by board and ownership structure and underpricing of Indian IPOs
    for the period April 2009 to March 2016.
    Using a sample of 167 IPOs for the period April 2009 to March 2016, the study focuses on the
    relationship between board characteristics, share ownership, share subscription rate and share
    performance in terms of ‘underpricing’. The underlying assumption of the current study is the
    information asymmetry between the issuer and the investor. The issuing firm which has more
    information about the future prospects of the firm can transfer wealth to the new investors by
    underpricing the issue (Beatty and Ritter, 1986; Brav et al., 2000; Ritter, 1987; Lee and Wahal,
    2002 ). But the Corporate governance related measures like board structure (Certo et al., 2001)
    and the retained shareholding by promoters and executives of the IPO issuing companies
    (Leland and Pyle, 1977, McBain and Krause, 1989) communicate the potential high firm value
    and increase subscription leading to decrease in the degree of underpricing. Worldwide there
    have been numerous studies addressing the phenomenon of underpricing in IPO issues but the
    specific aspect of relationship between IPO underpricing and corporate governance attributes has
    received little attention. In Indian context it largely remains an unexplored area. Using a
    multivariate regression analysis, this paper aims to examine the relationship between corporate
    governance and performance of Indian IPOs.
    The results of the analysis show that in Indian context, retained institutional ownership, dual
    leadership structure and promoter CEO significantly influence IPO subscription. On the other
    hand, equity retention by executive and non executive directors have significant impact on IPO
    underpricing. Overall the results show that corporate governance attributes play a limited role in
    explaining underpricing in Indian context. The results of the study would be significant to all
    IPO participants, including investors, the issuing firm and investment bankers. Investors can use
    the corporate governance attributes to select potentially high value IPOs. The issuing firms can
    restructure their boards and ownership patterns to enhance the value of the firm and to get fair
    value of their IPOs while investment bankers can help both the firm and potential investors to
    maximize their returns.
  • The S&P BSE 100 ESG Index: A Strategy for the Socially Responsible Market Participant

    Source: Ved Malla
    Date Submitted: 10 Jan 2018
    Views: 230
    Downloads: 11
    In recent years, socially responsible investing has gained importance worldwide. India has also aligned itself with this global trend and become more sensitive to the ESG aspects of doing business.
  • Socially Responsible Investing in India

    Source: Ved Malla
    Date Submitted: 26 Dec 2017
    Views: 179
    Downloads: 0

    Socially responsible investing in India is at a nascent stage, but it is evolving and is expected to gain momentum in coming years. 

  • MSCI's Malaysia Governance Country Report

    Source: MSCI ESG Research
    Date Submitted: 19 Jan 2018
    Views: 1674
    Downloads: 25
    The Malaysian market is characterized by family conglomerates, state owned enterprises as well as strong governance regulations for companies operating in the banking sector. The MSCI Malaysia Index constituents underperform on corporate governance relative to both the MSCI Emerging Markets and MSCI ACWI Indexes as a whole.
  • MSCI's China Governance Country Report

    Source: MSCI ESG Research
    Date Submitted: 19 Dec 2017
    Views: 390
    Downloads: 17
    China adopted its first corporate governance code in 2001, ahead of many APAC peers, with updates in 2011 and 2016. As China’s market becomes more accessible to global investors, corporate governance practices will likely face increased comparison to global standards. Our report references MSCI ESG Research’s rich corporate governance data to examine the opportunities and risks to minority shareholders presented by current corporate governance practices in the MSCI China Index.
  • Moving Forward With SDGs: Metrics for Action

    Source: Bridget Realmuto LaPerla, Caroline Bartlett, Rick Lord
    Date Submitted: 18 Dec 2017
    Views: 209
    Downloads: 2
    Financial institutions are voicing their support and creating investment opportunities, companies are identifying business value and reporting their contributions, and a multitude of frameworks are emerging to fill the gap between ambition and attainment.
  • Better Late than Never? Corporate Social Responsibility (CSR) engagement after Product-harm Crises

    Source: Min Zhang ,Zhihui Sun ,Dejun Wu
    Date Submitted: 15 Dec 2017
    Views: 903
    Downloads: 4
    This is a conference paper presented at the 2017 CSEAR North Asia Conference.
  • The Information Content of Earning per Share and Social Contribution Value per Share in China

    Source: Teresa Chu,Yi Wang
    Date Submitted: 15 Dec 2017
    Views: 1287
    Downloads: 10
    This is a conference paper presented at the 2017 CSEAR North Asia Conference.
  • Sustainability Bonds: Risks and Opportunities for Investors

    Source: Rich Blake
    Date Submitted: 10 Dec 2017
    Views: 5773
    Downloads: 89
    Whether we’re talking about instruments that are formally designated as "green bonds" or unlabeled climate-aligned issuances that still fall under the environmental, social, and governance (ESG) umbrella, the demand for such sustainability-tied debt is rising. The green market can no longer be dismissed as a feel-good fad propped up by regulatory agendas. Although just a tiny sliver (less than 1%) of the roughly US$100 trillion global bond market, sustainability bonds, which include labeled and unlabeled green bonds as well as social bonds, offer a viable way forward for a wide-reaching cadre of constituents (e.g., banks, investors, governments, and corporations) looking to fund environmentally favorable projects, and to do so at a profit.

    The size of the market for global labeled green bond issuances increased to US$81.6 billion in 2016, nearly double the amount issued the year before. China led this increase, accounting for more than a quarter of the 2016 total. The primary market may not be a place to hunt for juicy spreads, but pricing signals in the burgeoning secondary market tell a different story, suggesting that alpha can be gleaned from all that green.

    By Rich Blake. Rich, a CFA Institute contributor, is a veteran financial journalist who has written for numerous media outlets, including Reuters, ABC News, and Institutional Investor.
    -------------------------------------------------------------------------------------------------------------------------------------
     
  • Can SDGs Shape the Future of Corporate Disclosure?

    Source: Libby Bernick
    Date Submitted: 21 Nov 2017
    Views: 234
    Downloads: 0
    Businesses are showing increasing interest in using the Sustainable Development Goals (SDGs) to inform and enhance their social and environmental programs and ultimately their business strategies.
  • Clear Path Analysis Report: Sustainable smart beta investing for institutional investors

    Source: FTSE Russell, Jeremy Randall, David Underwood, Paul R. T. Johnson Jr, Meryam Omi, Tony Campos, David Harris, Koen Van de Maele, Chris Varco, Robert Whitelaw, Kenneth St. Amand II
    Date Submitted: 16 Nov 2017
    Views: 466
    Downloads: 7
    Recently, a major shift has been observed among asset owners who once took a “tokenistic” approach toward environmental, social and governance (ESG) and are now looking to integrate it into core investment strategies. The pensions industry considers ESG themes, including the transition to a green economy, as an integrated part of their investment philosophy and processes. Asset owners, including defined benefit schemes, are citing ESG risks as central to their fiduciary responsibility. FTSE Russell recently surveyed 200 asset owners globally and asked what their strongest motive was for incorporating ESG considerations into their investment decisions.
  • Passive Aggressive: Is ESG integration into passive becoming the new norm?

    Source: FTSE Russell
    Date Submitted: 16 Nov 2017
    Views: 992
    Downloads: 7
    The world of index-based investing is in flux as ESG integration into passive is on course to become the norm for new mandates. In the last year there has been a quiet revolution taking place as asset owners have been moving to integrate ESG into index designs for new mandates on core passive portfolios.
  • Green Bond Market: October 2017

    Source: Dennis Badlyans
    Date Submitted: 15 Nov 2017
    Views: 400
    Downloads: 0
    In October 2017, nearly USD 10 billion of green bonds were issued, bringing the total to USD 94 billion YTD.
  • The reality of Corporate Governance Code compliance in Japan

    Source: Chie Mitsui
    Date Submitted: 10 Nov 2017
    Views: 804
    Downloads: 0
    Opinion paper issued by Nomura Research Institute.
    Conducted original survey and summarize the result how companies are  feeling corporate governance code in 3 years past.
     
  • Environmental, Social and Governance (ESG) and Socially Responsible Investment (SRI)

    Source: Bernard Carayon
    Date Submitted: 06 Nov 2017
    Views: 670
    Downloads: 22
    Presentation of ESG & SRI in the 6th  China Investment Conference by Bernard Carayon on 12 August 2017.
  • Is ESG a systematic risk factor for US equity mutual funds?

    Source: Ick Jin
    Date Submitted: 04 Nov 2017
    Views: 212
    Downloads: 0
    On the outperformance of responsible investing (RI) which incorporates environmental, social, and governance (ESG) into investment decisions, the empirical evidence to date is inconsistent from the viewpoint of ex-post performance. This paper tries to explain the nature of return differential between RI and conventional investing within the well-known risk-return paradigm. From the viewpoint of ex-ante equity risk premium, the five factor model of Fama and French [2015. “A Five-factor Asset Pricing Model.” Journal of Financial Economics 116: 1–22] combined with a ESG-related factor applies to returns on 1,425 US open-end equity funds for the period from April 2009 to December 2016. Empirical findings include that US open-end equity funds tend to hedge the ESG-related systematic risk, and that the exposure to ESG-related systematic risk is significantly priced in the market. The result implies that RI provides the downside protection against ESG-related systematic risk which is not reduced even through extensive diversification.
  • Corporate Social Requirement

    Source: Giancarlo Parungao
    Date Submitted: 16 Oct 2017
    Views: 144
    Downloads: 1
    This paper focuses on the Corporate Social Responsibility aspect of the companies in the Philippines and the factors and reasons why corporations engage in such,
  • Inclusive Business in the Philippines

    Source:
    Date Submitted: 15 Oct 2017
    Views: 225
    Downloads: 6

    This paper tackles the role inclusive businesses play in our economic growth. We shall also be tackling specific companies and their programs geared towards inclusive business and poverty alleviation. Lastly, we shall seek means on promoting this business model so that more would participate in this initiative. 

  • Green Bond Market: September 2017

    Source: Dennis Badlyans
    Date Submitted: 11 Oct 2017
    Views: 5714
    Downloads: 0
    In the first three quarters of 2017, green bond issuance reached USD 83 billion, nearing the issuance reported by the Climate Bond Initiative for full-year 2016 (see Exhibit 1).  France accounted for 18% (USD 14.8 billion) of the issuance, driven primarily by the USD 7.6 billion sovereign bond issued by the country in January. Commercial banks issued 44% of the USD 12.4 billion of capital raised in China to fund green projects.  U.S. municipals continue to account for about half of the U.S. issuance YTD, however asset-backed securities continue to increase market share.  Fannie Mae, a newcomer in 2017, issued its fourth green ABS in August, bringing its YTD total to USD 1.8 billion of USD 11.4 billion issued in the U.S. market through the end of Q3 17 (see Exhibit 2).
  • Family Affair? - Insider Trading and Family Firms: Evidence from Thailand  

    Source: Rapeepat Ingkasit, Professor Arnat Leemakdej, DBA
    Date Submitted: 18 Sep 2017
    Views: 990
    Downloads: 30
    Thai insiders can earn significant abnormal returns from trading shares of their firms. The effect is more pronounced when trades occurred prior to earnings announcement. The results provide reasoning for regulation that prohibits the insiders to trade prior to earnings announcement. Both family ownership and control structure affects the magnitude of market reaction. The findings support the entrenchment effect in family firms. The presence of specific categories of blockholder has monitoring effect while some types of blockholder seem to enhance insiders’ signal and strengthen the market reaction. Significant reduction in abnormal returns earned by insiders in the firm with voluntary blackout policy suggest that the policy effectively forbid the insiders to trade when they possess valuable information that is not available to the public.
  • FTSE4Good  15-year anniversary report: Past, present and future of sustainable investment

    Source: FTSE Russell
    Date Submitted: 06 Sep 2017
    Views: 931
    Downloads: 0
    FTSE4Good 
    15-year anniversary report: Past, present and future of sustainable investment
  • From niche to norm:ESG integration into stewardship responsibilities by institutional investors in Japan 

    Source: FTSE Russell
    Date Submitted: 06 Sep 2017
    Views: 273
    Downloads: 7
    ESG integration into stewardship responsibilities by institutional investors in Japan 
  • Sustainable Investment and ESG:The past, the present and the future

    Source: Amanda Young
    Date Submitted: 06 Sep 2017
    Views: 1591
    Downloads: 25
    To consider and discuss asset owner perspectives on the past, present and future of sustainable investment, FTSE Russell hosted an asset owner roundtable in London on 6 December 2016. This panel formed part of a high profile event to celebrate the 15th anniversary of the FTSE4Good Index Series and the launch of the ESG Ratings data model on FTSE Russell’s online client analytics platform (QSD).
  • Stable Asset Building by Japanese Household and Customer-Oriented Business Conduct (Fiduciary Duty)

    Source: Junichi Nakajima
    Date Submitted: 03 Sep 2017
    Views: 1266
    Downloads: 23
    This is an English translation of Speech made at CFA Japan Special Symposium: Fiduciary Duty Reform “Future of Finance” Initiative. 
    Provided by: 
    Mr. Junichi Nakajima, Deputy Director General The Planning and Coordination Bureau Financial Services Agency (“FSA”).

    Financial Services Agency (the FSA) in Japan is now making an all-out effort throughout our agency to achieve a stable environment for asset building by Japanese households. At the end of March of
    2017, the FSA made public the principles concerning the Customer-Oriented Business Conduct
    (fiduciary duty), together with measures for stable asset building. He Explains the specific measures taken by the FSA.
  • AAM-CAMRI-CFA Institute Prize - Pollution and Performance: Do Investors Make Worse Trades on Hazy Days?      

    Source: Jiekun Huang, Nianhang Xu, Honghai Yu
    Date Submitted: 29 Aug 2017
    Views: 284
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Why and How Investors Use ESG Information: Evidence from a Global Survey    

    Source: Amir Amel-Zadeh, George Serafeim
    Date Submitted: 29 Aug 2017
    Views: 81
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Style, Momentum and ESG Investing      

    Source: Lars Kaiser
    Date Submitted: 29 Aug 2017
    Views: 294
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Leviathan Inc. and Corporate Environmental Engagement    

    Source: Po-Hsuan Hsu, Hao Liang, Pedro P. Matos
    Date Submitted: 29 Aug 2017
    Views: 22
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - The Case Of Apple, Inc., and Fintech: Managerial Psychology, Corporate Governance and Business Processes

    Source: Michael Nwogugu
    Date Submitted: 29 Aug 2017
    Views: 249
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • China's Green Bond Markets

    Source: Tianyin Cheng
    Date Submitted: 26 Jul 2017
    Views: 1875
    Downloads: 0
    China has emerged as a global leader in green finance, especially green bonds, and from 2014 to 2016, it was the fastest-growing market in the region for sustainable investing.  The total amount of green-labeled bond issuances amounted to USD 93.4 billion at the end of 2016 and reflected strong China-based issuances (40% of labeled green bond issuance in 2016 was from China) and momentum from the Paris Agreement.
  • New SPOTT Assessments Show Uneven Levels of Implementation of Palm Oil Companies’ ESG Commitments

    Source: Moritz Koenig, Clara Melot
    Date Submitted: 18 Jul 2017
    Views: 2568
    Downloads: 27
    The Zoological Society of London (ZSL) has published updated environmental, social and governance (ESG) assessments of 50 of the world’s largest palm oil producers and traders. Companies are scored against a framework of 125 indicators using publicly available corporate commitments and policies on ESG issues. This research is done to inform ESG integration and support investors’ engagement and decision-making processes. This blog outlines the main findings of the latest round of assessments, especially with reference to discrepancies between corporate commitments and evidence of implementation. 
  • Interest in ESG Investing Poised to Grow Further in Asia Pacific

    Source: Chan Fook Leong, CFA
    Date Submitted: 10 Jul 2017
    Views: 2347
    Downloads: 0
    • CFA Institute further extends ARX ESG Investing Series to Singapore to discuss motivations for ESG integration in the region.
    • Panelists from S&P Dow Jones Indices, City Developments Ltd., ADL Infra Capital Myanmar, and ESGuru spoke to a full house of CFA Institute members and local practitioners on developments in green finance.
    • Participants concluded that despite challenges, green finance would continue to attract investor interest; supply of green instruments needs to catch-up.
    • Social and governance considerations still in their infancy in the region.
    • The question of alpha potential inconclusive.
    Dr. Tony Tan, CFA, head, global society advocacy engagement at CFA Institute kicked off the May 11, 2017 lunch-time talk entitled ‘Is green finance a fad? Or does it possess alpha potential?’ The event, organized by CFA Institute and CFA Society Singapore follows the first of the ARX ESG Investing Series, hosted in Hong Kong. This series has been developed in response to demand for ESG-related research on research platform, Asia-Pacific Research Exchange (www.arx.cfa).
     
  • Mid-Year Research Update 2017: Active managers performance, factor-driven, ESG, and fixed income indices

    Source: Craig J. Lazzara, Priscilla Luk, Sunjiv Mainie, Charles Mounts, Aye M. Soe
    Date Submitted: 07 Jul 2017
    Views: 1464
    Downloads: 34
    Published in May 2017, this research reveals most active managers fail most of the time, at least if we define failure as underperformance of an appropriate passive benchmark. Success, when it does occur, tends not to persist.
  • MSCI Corporate Governance Country Report - India

    Source: Alan Brett, Head of Corporate Governanace Ratings, MSCI
    Date Submitted: 04 Jul 2017
    Views: 2747
    Downloads: 35

    MSCI ESG Research's latest Corporate Governance Country Report focuses on Corporate Governance in India. Our research finds concentrated ownership, related party transactions & succession planning represent key governance risks in India.

    MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are designed to provide in-depth research, ratings and analysis of environmental, social and governance-related business practices to companies worldwide. ESG ratings, data and analysis from MSCI ESG Research LLC are also used in the construction of the MSCI ESG Indexes. MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. 

  • Filling the information black hole: How are fossil fuel companies reporting on the stranded asset risk?

    Source: James Bonner
    Date Submitted: 30 Jun 2017
    Views: 1401
    Downloads: 4
    A new survey looks at how fossil fuel companies report on their stranded assets using integrated reporting (). Investors and regulators are becoming increasingly aware of the potential threat from ‘stranded assets’ to financial stability and to fossil fuel company market valuations. With this awareness comes the need for greater information to help investors and others understand these risks better and appreciate the extent to which companies are taking mitigation action. This new survey looks at how fossil fuel companies have been responding to this in their reporting.
  • Sustainability Matters

    Source: Rachel Jackson, Gordon Hewitt
    Date Submitted: 30 Jun 2017
    Views: 424
    Downloads: 2

    The topics have been selected on the basis of ACCA’s sustainability research to date and although for these purposes have been separated out, we acknowledge that these topics are interrelated. As the scope of ACCA’s research broadens over time, it is expected that additional topics will be added to this list.

    • sustainability reporting
    • integrated reporting
    • assurance of non-financial reporting and disclosures
    • climate change
    • natural capital
    • green economy.

    This paper serves as a reference for our key stakeholders, as well as a means of summarising the outcomes and conclusions of ACCA’s research activities. 

  • Leviathan Inc. and Corporate Environmental Engagement (Video Presentation)

    Source: Tom Berry
    Date Submitted: 25 Jul 2018
    Views: 5421
    Downloads: 0
    State-owned enterprises (SOEs) have been criticized for poor governance and questionable efficiency. In a recent paper titled ‘Leviathan Inc. and Corporate Environmental Engagement,’ Dr. Pedro Matos from the Darden School of Business, University of Virginia, and his colleagues from the University of Hong Kong and Singapore Management University conducted an international study of the impact of state ownership on a firm’s engagement in environmental, social, and governance (ESG) issues. 

    There has been significant debate on the effects of ESG issues on shareholder value. In this paper, it was found that SOEs are, in fact, more engaged in environmental issues and, more importantly, this engagement does not come at the expense of shareholder value. Furthermore, SOEs are also more engaged in social issues, but they do not reveal better corporate governance performance.


    This is a recording of the presentation hosted by CFA Institute, HKSFA, ACCA, FSDC, HKIRA, and HKU SPACE Executive Academy on June 6, 2017 at HKU SPACE Po Leung Kuk Stanley Ho Community College in Hong Kong.
     
  • The Importance of Good Corporate Governanc e and How Investors Can Create Change

    Source: Chae Kwang (C.K.) Lee
    Date Submitted: 20 Jun 2017
    Views: 159
    Downloads: 13
    Summary presentation at the Korea Institutional Investment Forum hosted by Asian Investor on 20th June 2017 under the title of "The Importance of Good Corporate Governance and How Investors Can Create Change"
  • Corporate Governance Revolution Ahead?

    Source: Bruce Won-il Lee, CFA/Ph.D.
    Date Submitted: 15 Jun 2017
    Views: 2651
    Downloads: 26
    This is the conference PowerPoint prepared by Zebra Investment Management and presented on 21 April, 2017.
  • The Finance Industry and Educational Providers Need Tight Relationships

    Source: Dan Daugaard
    Date Submitted: 12 Jun 2017
    Views: 200
    Downloads: 7
    A new CFA Institute study predicts large scale trends will have a significant impact on the investment industry. The landscape is expected to change dramatically and new skill sets will be necessary for investment professionals to be successful in this new environment. This is likely to produce fresh challenges for organisations providing education to the investment industry. They will need to adapt and construct educational services relevant for the industry of tomorrow. Some are evidently already moving towards a more engaged role. 
  • How Investors Integrate ESG: A Typology of Approaches

    Source: Kevin Ranney, Trevor David, Doug Morrow, Martin Vezér
    Date Submitted: 07 Jun 2017
    Views: 4303
    Downloads: 69
    The Investor Responsibility Research Center Institute (IRRCi) commissioned Sustainalytics to develop a report, How Investors Integrate ESG: A Typology of Approaches. The report examines how investors integrate ESG factors into their portfolios, finding that investors are leveraging a diverse set of integration strategies. Based on an analysis of the investment practices of 70 institutional investors with total assets under management of $19.9 trillion, the report presents the first-ever typology for classifying the approaches investors are taking to integrate ESG factors into their investment processes. 

    The report classifies ESG integration approaches along three dimensions: management (who is integrating ESG), research (what is being integrated), and application (how the integration is taking place). Each dimension includes key differentiators – for example the degree of centralization of ESG functions within an organization, or the degree to which macro-level sustainability trends (as opposed to individual company ESG factors) are integrated – as the basis for distinguishing between approaches. The report authors used the typology to identify six prevailing approaches of ESG integration in the market today: 1) The Believer, 2) The Cautionary, 3) The Statistician, 4) The Discretionary, 5) The Transition-Focused, and 6) The Fundamentalist.

    The report also includes several high-level observations about the current landscape for ESG integration, including:
     
    • Despite the continued groundswell of investor interest in ESG, limitations defined in investment mandates may be constraining ESG integration.
    • A growing number of large investors are paying increased attention to companies’ sustainability impacts and how these impacts may generate systemic risks that can jeopardize economic value.
    • Access to ESG research and public commitments to consider ESG issues do not necessarily ensure that ESG information is integrated into investment decision-making.
  • Strengthening Corporate Governance in the Japanese Market

    Source: Doug Morrow, Martin Vezér, Martin Wennerström
    Date Submitted: 07 Jun 2017
    Views: 434
    Downloads: 13
    Sustainalytics' ESG Spotlight report titled, Strengthening Corporate Governance in Japan, summarizes the changing corporate governance landscape in Japan, headlined by Japan's Stewardship Code and Japan's Corporate Governance Code.

    Our research assesses 450 Japanese firms and finds significant differences in the corporate governance adaptability of Japanese industries and firms. Specifically, diversified financials stands out as the industry best prepared to adapt to Japan’s shifting corporate governance environment.
  • Green Finance Forum II: Is ESG Integration a Fad, or Does It Have Alpha Potential?

    Source: Mary Leung, CFA
    Date Submitted: 31 May 2017
    Views: 610
    Downloads: 29
    In Asia, the subject of ESG investing has been a very trendy topic.  As we all know, for many years, many investors have tried to incorporate elements of values and social responsibility into their investment strategies.  However, the return of these strategies has in the past left a lot to be desired.  It is natural to wonder why a rational investor would be willing to compromise the chances of superior performance in return for moral gratification.
     
    Well, past performance is not always a guide to future performance, and change is in the air.  More and more investors and asset owners are now placing increasing focus on ESG.  As an example, California State Teachers Retirement System, one of the largest asset owners in the world, has asked their fund managers to evaluate and assess 21 risk factors in each of their holdings, including, among others regulation, human rights, environmental and governance.

    On April 27, 2017, CFA Institute hosted a Green Finance Forum in Hong Kong to explore this issue. Full report on that event is attached.
  • Leviathan Inc. and Corporate Environmental Engagement

    Source: Hao Liang, Pedro P. Matos, Po-Hsuan Hsu
    Date Submitted: 14 May 2017
    Views: 1498
    Downloads: 20
    In a special report in 2010, The Economist called the resurgence of state-owned mega-enterprises, especially those in emerging economies, “Leviathan Inc.”, and warned about the dangers of the state capitalism model. Traditionally, state-owned firms have been criticized for poor governance and questionable efficiency. In fact, they may be better positioned to deal with market failures and externalities. Our findings based on publicly-listed firms in 45 countries suggest that government-controlled companies engage more in environmental issues, and this engagement does not come at a cost to shareholder value. The effect is more pronounced among firms in emerging market economies and in countries with higher energy risks. The effect is attributable to ownership stakes held directly by domestic governments, rather than to foreign state ownership or investment via sovereign wealth funds. Difference-in-differences estimates show that state-owned firms reacted more significantly to the 2009 Copenhagen Accord in improving their environmental performance. Interestingly, state-owned firms also engage more in social issues, but they do not reveal better corporate governance performance. 
  • Chartering Course for Capital Modeling: Framework and Modeling Insights

    Source: Syed Danish Ali
    Date Submitted: 14 May 2017
    Views: 161
    Downloads: 5
    Drilling down into specifics of capital modelling and building the framework for its calculations.
  • Presentation deck on Key Sustainable & Green Finance Trends during ARX ESG forum  April 2017

    Source: Martina Macpherson
    Date Submitted: 04 May 2017
    Views: 2419
    Downloads: 42
    CFA Institute Asia-Pacific Research Exchange ESG series kicked-start in Hong Kong - Green Finance Forum
     
    On 27 April, CFA Institute co-hosted a green finance forum with the Hong Kong Society of Financial Analysts and the Hong Kong Financial Services Development Council (FSDC), a high-level government advisory body that conducts policy research and industry surveys for the formulation of proposals to the Government and regulators.  This is the second green finance forum organized by CFA Institute in Hong Kong, ARX’s second o2o event as well as ARX’s ESG Track maiden event. The forum attracted 140 attendees including CFA members, industry practitioners, think tanks, environmental and other NGOs.
     
    The evening began with a keynote speech delivered by Martina Macpherson, S&P Dow Jones Indices Head of Sustainability Indices on an overview of green finance and ESG trends. Up next Mary Leung, Head of Standards and Advocacy for CFA Institute Asia Pacific led a panel discussion featuring Martina and ESG experts from PwC, HSBC and AXA Investment Managers focusing on the intrinsic value of ESG. 

    The PowerPoint Presentation of Martina's keynote speech can be downloaded in the attachment.

    Overall the event was a great success with very positive feedbacks from both participants and panelists.  The next stop for the CFA Institute Asia-Pacific Research Exchange ESG Series will take place in Singapore on the 11th May 2017.
  • Actuarial Review of Commercial General Insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 408
    Downloads: 9
    Actuarial Review of Commercial General Insurance
  • Exploring the essentials of Individual Family Takaful Unit Linked Savings Product

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 119
    Downloads: 3
    Exploring the essentials of Individual Family Takaful Unit Linked Savings Product
  • Having Unit Linked Policy for Defined Contribution Employee Benefits

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 116
    Downloads: 1
    Having Unit Linked Policy for Defined Contribution Employee Benefits
  • Core Concepts and Features of Unit Linked Family Takaful Products

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 34
    Downloads: 2
    Core Concepts and Features of Unit Linked Family Takaful Products
  • how to overcome resistance to reverse mortgaging through insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 31
    Downloads: 1
    how to overcome resistance to reverse mortgaging through insurance
  • Profit Testing and pricing Universal Life products; following the signatures of profit but not blindly.

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 88
    Downloads: 3
    Profit testing and pricing Universal Life products; following the signatures of profit but not blindly.
  • Evaluating profitability and sustainability of Unit Linked Life Insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 18
    Downloads: 2
    Evaluating profitability and sustainability of Unit Linked Life Insurance
  • Fundamentals of Medical Insurance Underwriting

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 19
    Downloads: 1
    Fundamentals of Medical Insurance Underwriting
  • Discourse on Main components of Marine Underwriting

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 26
    Downloads: 1
    Marine underwriting's main components.
  • A Treatise on Actuarial Reserving Methods in Insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 25
    Downloads: 2
    Elaborating actuarial methods for reserving in insurance.
  • Insurance Solvency and Business Planning

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 25
    Downloads: 1
    Discourse on insurance solvency and business planning.
  • Reincarnating Risk Management of the Enterprise; the rethinking process

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 158
    Downloads: 3
    Rethinking Enterprise Risk Management.
  • Evaluation of Core Elements of Reinsurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 64
    Downloads: 1
    Evaluation of Core Elements of Reinsurance
  • Building the Underwriting Risk Context for Fire Property Insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 209
    Downloads: 2
    Building the Underwriting Risk Context for Fire Property Insurance
  • Strategic Review of Bancassurance Distribution Channel

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 25
    Downloads: 1
    Evaluating Bancassurance as a distribution channel for insurers. 
  • Exploratory Data Analysis

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 23
    Downloads: 3
    Exploring data is the first step towards understanding data before any modeling techniques are applied.
  • Synopsis of Underwriting for Engineering Insurance

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 23
    Downloads: 2
    Main considerations when underwriting engineering insurance and how to see it in its risk perspective.
  • Demarcating Enterprise Risk Management (ERM) Procedures

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 215
    Downloads: 4
    Describing various ERM practical skillsets and evaluating the core ERM concepts.
  • Outlining Enterprise Risk Management (ERM) Policy

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 219
    Downloads: 4
    Outlining Enterprise Risk Management policy for insurance organizations. 
  • Calculation of Catastrophe Risk Metric of Maximum Event Retention

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 19
    Downloads: 2
    Determining the maximum event retention for catastrophes for insurance companies.
  • Encapsulating the heart of Solvency 2 Own Solvency Risk Assessment (ORSA)

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 18
    Downloads: 1
    Understanding own solvency and risk assessment in detail.
  • Practical Guidance for Small Reinsurers

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 187
    Downloads: 3
    Practical guidance for small and national re-insurers to making better risk-adjusted decisions. 
  • Ecosystem of ERM Breaking Points, Exposures and Stop Loss

    Source: Syed Danish Ali
    Date Submitted: 01 May 2017
    Views: 22
    Downloads: 2
    Enterprise Risk Management and its various concepts.
  • The Morningstar Sustainability Atlas

    Source: Dan Lefkovitz
    Date Submitted: 23 Apr 2017
    Views: 406
    Downloads: 8
    This report examines the sustainability profiles of Morningstar’s suite of 46 equity market indexes, up from 35 indexes in the initial edition of this report in October 2016. The country indexes, which span developed and emerging markets and represent 97% of global market capitalization, vary significantly across environmental, social, and governance (ESG) criteria. 
  • Aligning Impact and Income - The Next Generation of Green Bond Indices

    Source: Martina Macpherson, Kevin Horan, J.R. Rieger, William Sokol
    Date Submitted: 06 Apr 2017
    Views: 2118
    Downloads: 27
    This is an ESG research published in March 2017.
  • ESG Indices are Bringing Environmental, Social and Governance Data to the Fore

    Source: Bloomberg L.P.
    Date Submitted: 23 Mar 2017
    Views: 473
    Downloads: 0
    This infographic powered by Bloomberg's proprietary Environmental, Social and Governance (ESG) data, looks into the rise of ESG indices and transparency in the region.
  • Australian Investors Push Reluctant Companies on ESG

    Source: Bloomberg L.P.
    Date Submitted: 23 Mar 2017
    Views: 3965
    Downloads: 0
    This article by Bloomberg Intelligence investigates the drivers pushing for improved ESG performance within Australian companies. Bloomberg Intelligence is Bloomberg's research arm providing in-depth analysis and data sets on industries, companies and credit, government, economic and litigation factors that impact decision-making.
  • Asia Set to Turn Tables on Lagging ESG Transparency

    Source: Bloomberg L.P.
    Date Submitted: 23 Mar 2017
    Views: 602
    Downloads: 0
    This article by Bloomberg Intelligence looks into the current state of ESG transparency in Asia. Bloomberg Intelligence is Bloomberg's research arm providing in-depth analysis and data sets on industries, companies and credit, government, economic and litigation factors that impact decision-making.
  • ESG Reporting on the Rise in Asia

    Source: Bloomberg L.P.
    Date Submitted: 23 Mar 2017
    Views: 2677
    Downloads: 0
    This infographic powered by Bloomberg's proprietary Environmental, Social and Governance (ESG) data, looks into the rise of ESG reporting in Asia.
  • Accounting for Natural Capital Costs Associated with Chinese Financial Institutions

    Source: Derek Hon Yan Ip, Lokesh Raikwar, Miriam Tarin, Lydia Harvey, Kaboo Leung
    Date Submitted: 21 Mar 2017
    Views: 365
    Downloads: 6
    This is a Banking Sector Case Study published in April 2016.
  • Extended Auditor's report for improving corporate governance

    Source: Chie Mitsui
    Date Submitted: 09 Mar 2017
    Views: 397
    Downloads: 0
    The article introduce Importance of Extended Auditor's report for corporate governance perspective. Target is general people, not accounting / audit professional. Currently the quality of financial statements becomes more important for communication between investors and companies. Following UK, EU is going to mandate it soon. Investors and companies in Japan or countries which hasn't discussed yet, might be good to see this idea once.
  • Customer Protection in the Controversial Industry: The Role of Responsible Gambling

    Source: Tiffany Leung
    Date Submitted: 17 Feb 2017
    Views: 183
    Downloads: 5
    An increasing body of work has identified ‘corporate social responsibility’ (CSR) as an institution, and has suggested that its institutionalised form may be deployed to pursue traditional business imperatives and avoid burdensome legislation. This article will examine how responsible gambling is understood in Macao’s gambling industry and why firms in Macao’s gambling industry engage in responsible gambling (RG). This study is primarily based on an in-depth examination and analysis of Macao’s gambling industry with 49 semi-structured interviews. This study gives an account of the ‘responsible gambling’ practised in the gambling industry in Macao to show that gambling companies make use of the institutionalized (unstated) characteristics of CSR to leverage political and economic privileges. Responsible gambling is presented as the central component of CSR, articulated through varied stakeholders, while responsible gambling in practice focuses symbolically and solely on employee protection. The study shows that gambling companies derive substantial legitimacy benefits from the institution of CSR, thus positioned.
  • CSR Practice and Sustainable Business Performance: Evidence from the Global Financial Centre of China

    Source: Tai Min Wut, Artie Ng
    Date Submitted: 17 Feb 2017
    Views: 913
    Downloads: 7
    The Hong Kong Special Administrative Region of China (Hong Kong) has long been positioned not only as an international capital market but also as the global financial centre for China. To position themselves for overseas expansions, major enterprises in China are now listed with the Stock Exchange of Hong Kong and adopt internationally accepted corporate practices. In particular, there have been emphases by multinationals on Corporate Social Responsibility (CSR) practices for the potential benefits of enhanced business performance as demonstrated in prior studies. The aim of this paper is to explore the relationship between business performance and CSR practices among listed companies in Hong Kong. We have investigated and made comparisons between two groups of listed companies in Hong Kong -- those included in the Hang Seng Corporate Sustainability index and the other major ones in Hong Kong not included in the Index. It is found that there is a significant difference between the two groups in the sample. A direct association between adoption of CSR practice and sustainable business performance in financial aspects is observed over an extended period of time. However, we argue that there is not yet sufficient disclosure in relation to the quality of their overall CSR and sustainability performance.
  • Corporate social responsibility and innovation in management accounting

    Source: Narisa Tianjing Dai , Artie Ng, Guliang Tang
    Date Submitted: 17 Feb 2017
    Views: 321
    Downloads: 6
    In recent years, there has been increased consensus that corporate social responsibility (CSR) is significant for the sustainable development of companies and society as a whole. CSR is increasingly incorporated into mission statements and prioritised in strategic configurations of modern organisations (Mersereau and Mottis 2011; Bennett and James 1998). According to a 2009 survey conducted on Fortune 500 firms, CSR is becoming an increasingly prominent and accepted part of the corporate strategy agenda. However, there is very little understanding of how different control mechanisms are adopted to operationalise strategic agendas related to CSR. Against this backdrop, this research examines the way in which companies embed CSR in their MCS in an attempt to align the behaviour of organisational participants with strategic objectives concerning sustainability in China.
  • State and Region Public Finances in Myanmar

    Source: Dickenson-Jones, De, S Kanay, Smurra, Andrea
    Date Submitted: 03 Feb 2017
    Views: 238
    Downloads: 1
    Dickenson-Jones, Giles; De, S Kanay; Smurra, Andrea | September 2015
  • Optimal Credit Guarantee Ratio for Asia

    Source: Yoshino, Naoyuki , Taghizadeh-Hesary, Farhad
    Date Submitted: 01 Feb 2017
    Views: 381
    Downloads: 3
    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad | July 2016
  • Using Environmental, Social and Governance (ESG) Disclosure to Mitigate Risk in Palm Oil Investments

    Source: Moritz Koenig, Clara Melot
    Date Submitted: 15 Dec 2016
    Views: 1545
    Downloads: 47
    Operational and reputational risks are likely to arise from investments in commodity production especially where production activities may lead to deforestation or land conflicts. Palm oil companies are a case in point as oil palm plantations have driven deforestation in Indonesia and Malaysia and concession agreements are frequently challenged by affected communities. With changing consumer demands and the tightening of regulation in South East Asia, palm oil producers have come under enormous scrutiny which may affect investments in them. We argue that the use of ESG analysis and company engagement can help mitigate these risks. The Zoological Society of London (ZSL) has developed the Sustainable Palm Oil Transparency Toolkit (SPOTT) to enhance the transparency of palm oil companies and support bottom-up ESG research. SPOTT assesses 50 prominent palm oil companies against 54 best practice indicators on a bi-annual basis. In this blog post we present some notable developments from the latest round of assessments and demonstrate how SPOTT can help investors go beyond RSPO certification in their ESG research.
  • ESG Reporting and Firm Performance in Indian economy

    Source: Dipasha Sharma, Shagun Thukral , Sonali Bhattacharya
    Date Submitted: 09 Nov 2016
    Views: 2708
    Downloads: 35
    The primary motive of any firm has always been to generate profits and maximize value for its shareholders. However with global economic crisis unfolding one after the other since the start of the millennium there has been a shift in the focus of governments, regulators, investors and corporations to a more “socially responsible” behavior by firms in addition to profit maximization. This includes the importance given by firms to areas such as sustainability, environmental, social and governance (ESG) concerns and ethical considerations. This has generated lot of research interest in comparison of performance of firms that do show due consideration to these factors versus those that do not. In this study we highlight the gaps in the existing literature and follows econometric modelling to discuss following hypothesis: Hypothesis 1: High Level of Corporate Sustainable Performance in terms of Environmental, Social and Governance will be associated with high financial performance Hypothesis 2: Size of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance. Hypothesis 3: Industry classification of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance.
  • ESG and Firm Performance in an Emerging Economy

    Source: Dipasha Sharma , Shagun Thukral , Sonali Bhattacharya
    Date Submitted: 08 Nov 2016
    Views: 654
    Downloads: 0
    The primary motive of any firm has always been to generate profits and maximize value for its shareholders. However with global economic crisis unfolding one after the other since the start of the millennium there has been a shift in the focus of governments, regulators, investors and corporations to a more “socially responsible” behavior by firms in addition to profit maximization. This includes the importance given by firms to areas such as sustainability, environmental, social and governance (ESG) concerns and ethical considerations. This has generated lot of research interest in comparison of performance of firms that do show due consideration to these factors versus those that do not. In this study we highlight the gaps in the existing literature and follows econometric modelling to discuss following hypothesis: Hypothesis 1: High Level of Corporate Sustainable Performance in terms of Environmental, Social and Governance will be associated with high financial performance Hypothesis 2: Size of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance. Hypothesis 3: Industry classification of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance.
  • CG Watch 2016

    Source: Jamie Allen , Shaun Cochran
    Date Submitted: 18 Oct 2016
    Views: 456
    Downloads: 11
    This is the eighth Corporate Governance research report from ACGA in collaboration with CLSA.
  • Making The Whole Greater Than The Sum Of Its Parts

    Source: Eddie Chan
    Date Submitted: 14 Oct 2016
    Views: 980
    Downloads: 10
    The investigative work of Professional Conduct has always been associated with words like secretive, mysterious, or private. That is only part of our story in Professional Conduct. Read on to find out more about our work in Professional Conduct and volunteering opportunities to help make a meaningful difference -- the CFA brand is important to protect, so is market integrity and ethical standards.
  • AFBC – The Complementary Roles of Board Incentives and Market Monitoring: Theory and Evidence

    Source: Peter L. Swan
    Date Submitted: 18 Sep 2016
    Views: 563
    Downloads: 8
    Australasian Finance and Banking Conference Submission
  • Business Group Discount: Evidence from China

    Source: Lewis Tam, Jingyi Chen
    Date Submitted: 30 Aug 2016
    Views: 359
    Downloads: 11
    A study on business group discount in China
  • Are Commonsense Principles of Corporate Governance Any Good? Yes, They Are

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 15 Aug 2016
    Views: 314
    Downloads: 4
    This is a blog posted on CFA Institute's website on 12 August 2016.
  • CorpGov Roundup: Has Brexit Ushered in Monumental Change to UK Corporate Governance?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 15 Aug 2016
    Views: 295
    Downloads: 1
    This is a blog posted on CFA Institute's website on 9 August 2016.
  • CorpGov Roundup: Is US Proxy Advisory Industry under Attack?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 15 Aug 2016
    Views: 298
    Downloads: 1
    This is a blog posted on CFA Institute's website on 6 July 2016.
  • Dark Shades of Grey - Corporate Governance and Sustainability in Asia

    Source: Amar Gill, CFA, Jamie Allen, Charles Yonts, Irina Bevza
    Date Submitted: 11 Aug 2016
    Views: 576
    Downloads: 12
    This report was produced in September 2014, in collaboration with the Asian Corporate Governance Association (ACGA), an independent, nonprofit organisation based in Hong Kong and working on behalf of all investors and other interested parties to improve corporate governance practices in Asia.
  • Tokyo as an International Financial Centre

    Source: Taketsugu Harada, CFA,Shuichi Seo, CFA
    Date Submitted: 18 Jul 2016
    Views: 722
    Downloads: 15
    Research paper by the Japan CFA Society publicly released on the 15th of July 2016.
  • 关于非通用会计准则 (Non-GAAP)绩效指标的再思考

    Source: Mohini Singh, ACA
    Date Submitted: 13 Jul 2016
    Views: 253
    Downloads: 2
    This article appears on CFA Institute Hedge Fund Journal 2016 issue, season 1.
  • CorpGov Roundup: Political spending transparency, stewardship codes, a say on pay bill and an attack on proxy advisers.

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 04 Jul 2016
    Views: 540
    Downloads: 3
    This is a blog posted on CFA Institute's website on 30 June 2016
  • CorpGov Roundup: CEO Succession Planning Is in Dismal State, Global Report Finds

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 04 Jul 2016
    Views: 246
    Downloads: 1
    This is a blog posted on CFA Institute's website on 8 June 2016.
  • Better Credit Metrics for Emerging Markets

    Source: David Smith, CFA
    Date Submitted: 27 Jun 2016
    Views: 529
    Downloads: 0
    This article appeared on CFA Institute Magazine Nov/Dec 2014.
  • 公司治理规则与内幕交易利润

    Source: Peter Cziraki, Peter de Goeij, Luc Renneboog
    Date Submitted: 16 Jun 2016
    Views: 305
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 管理利益冲突

    Source: Christian Takushi, Christina Rulfs, CFA
    Date Submitted: 16 Jun 2016
    Views: 267
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 运用对称费用结构以降低尾部风险

    Source: Edouard Senechal, CFA
    Date Submitted: 16 Jun 2016
    Views: 302
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2014 issue, season 2.
  • 对冲基金尽职调查与法务考量

    Source: Joseph H. Nesler
    Date Submitted: 16 Jun 2016
    Views: 418
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2014 issue, season 2.
  • 更严格的合规标准只是虚张声势吗?

    Source: Maha Khan Phillips
    Date Submitted: 15 Jun 2016
    Views: 284
    Downloads: 3
    This article appears on CFA Institute hedge fund journal 2014 issue, season 2.
  • 证券研究: 每个卖方分析师 都应知道的事

    Source: Rob Gowen, CFA
    Date Submitted: 15 Jun 2016
    Views: 337
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Institute's official website: http://annual.cfainstitute.org/2013/05/25/securitiesresearch-what-every-sell-side-analyst-should-know/
  • GIPS标准帮你赢得客户

    Source: 卢嘉怡,CFA, CIPM, CAIA
    Date Submitted: 14 Jun 2016
    Views: 398
    Downloads: 3
    This article appears on CFA Institute hedge fund journal 2013 issue, season 1.
  • Trade Management Guidelines

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 644
    Downloads: 4
    This guideline appeared on CFA Institute's website in November 2004.
  • CFA Institute Soft Dollar Standards (corrected October 2011)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 274
    Downloads: 1
    This appeared on CFA Institute's website in November 2004.
  • Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations

    Source: Kurt Schacht, JD, CFA, Jonathan J. Stokes, JD, Glenn Doggett, CFA
    Date Submitted: 13 Jun 2016
    Views: 566
    Downloads: 3
    This paper appeared on CFA Institute's website in September 2010.
  • Code of Ethics and Standards of Professional Conduct (effective 1 July 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 279
    Downloads: 1
    This appeared on CFA Institute's website in June 2014.
  • Standards of Practice Handbook, Ninth Edition (effective through 30 June 2010)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 634
    Downloads: 1
    This handbook appeared on CFA Institute's website in June 2005. It is effective from 1 July 2005 to 30 June 2010.
  • Standards of Practice Handbook, Tenth Edition (effective 1 July 2010 through 30 June 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 251
    Downloads: 1
    This handbook appeared on CFA Institute's website in June 2010. It is effective from 1 July 2010 to 30 June 2014.
  • Standards of Practice Handbook, Eleventh Edition (effective 1 July 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 552
    Downloads: 3
    This handbook appeared on CFA Institute's website in June 2014. It is effective from 1 July 2014.
  • Global Investment Performance Standards (2005 edition)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 261
    Downloads: 1
    This appeared on CFA Institute's website in February 2005.
  • Global Investment Performance Standards (GIPS®): As Adopted by the GIPS Executive Committee on 29 January 2010

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 267
    Downloads: 1
    This paper appeared on CFA Institute's website in January 2010.
  • Global Investment Performance Standards Handbook (3rd edition)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 506
    Downloads: 6
    This appeared on CFA Institute's website in November 2012.
  • Code of Conduct for Members of a Pension Scheme Governing Body

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 599
    Downloads: 2
    It is available in English, Dutch and German.
  • Asset Manager Code of Professional Conduct

    Source: Kurt N. Schacht, JD, CFA, Jonathan J. Stokes, JD, Glenn Doggett, CFA
    Date Submitted: 12 Jun 2016
    Views: 718
    Downloads: 13
    Asset Manager Code of Professional Conduct is currently available in 13 languages. They are Arabic, Chinese, English, French, German, Indonesia, Italian, Japanese, Korean, Portuguese, Russian, Spanish and Thai.
  • CFA Institute & Edelman Investor Trust Study

    Source: CFA Institute and Edelman
    Date Submitted: 12 Jun 2016
    Views: 265
    Downloads: 2
    This paper appeared on CFA Institute's website on August 2013.
  • 2010 Financial Market Integrity Index: Japan

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 261
    Downloads: 1
    This paper appeared on CFA Institute's website on April 2010.
  • 2010 Financial Market Integrity Index: Hong Kong

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 253
    Downloads: 2
    This paper appeared on CFA Institute's website on April 2010.
  • Breaking the Short-Term Cycle

    Source: Dean Krehmeyer, Matthew Orsagh, CFA, Kurt N. Schacht, CFA
    Date Submitted: 12 Jun 2016
    Views: 244
    Downloads: 2
    This paper appeared on CFA Institute's website in July 2006.
  • China Corporate Governance Survey

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 239
    Downloads: 5
    This paper appeared on CFA Institute's website on April 2007.
  • The Compensation of Senior Executives at Listed Companies: A Manual for Investors

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 231
    Downloads: 1
    This paper appeared on CFA Institute's website in December 2007.
  • It Pays to Disclose: Bridging the Information Gap in Executive-Compensation Disclosures in Asia

    Source: Lee Kha Loon, CFA, Abe De Ramos
    Date Submitted: 12 Jun 2016
    Views: 236
    Downloads: 2
    This paper appeared on CFA Institute's website in February 2008.
  • Environmental, Social, and Governance Factors at Listed Companies: A Manual for Investors

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 253
    Downloads: 8
    This paper appeared on CFA website in May 2008.
  • Related-Party Transactions: Cautionary Tales for Investors in Asia

    Source: Lee Kha Loon, CFA, Abe De Ramos
    Date Submitted: 12 Jun 2016
    Views: 240
    Downloads: 1
    This paper appeared on CFA website in January 2009.
  • Shareowner Rights across the Markets: A Manual for Investors

    Source: Kurt Schacht, CFA, James Allen, CFA, Matthew Orsagh, CFA, CIPM
    Date Submitted: 12 Jun 2016
    Views: 558
    Downloads: 4
    This paper appeared on CFA Institute's website in April 2009. Reports concerning Asia-Pacific market is extracted for convenience. Other reports can be found in the full version below.
  • The Corporate Governance of Listed Companies: A Manual for Investors, Second Edition

    Source: Kurt Schacht, CFA, James C. Allen, CFA, Matthew Orsagh, CFA, CIPM
    Date Submitted: 12 Jun 2016
    Views: 244
    Downloads: 2
    This paper appeared on CFA Institute's website in September 2009.
  • Creating Value through Governance - Towards a New Accountability - A consultation

    Source: Moxey, P., Berendt, A.
    Date Submitted: 10 Jun 2016
    Views: 664
    Downloads: 6
    This consultation paper forms part of ACCA’s investigation to examine whether existing governance and risk management frameworks are ‘fit for purpose’. It asks whether corporate governance in practice, is helping business to create value or whether something has gone wrong. This paper argues that corporate governance is about creating value and that governance codes should be evaluated on how well they facilitate the creation of value. It sets out how a framework of ‘performing, informing and holding to account’ can work.
  • Independent Non-Executive Directors: A Search for True Independence in Asia

    Source: Lee Kha Loon, CFA, Angela Pica, CFA
    Date Submitted: 10 Jun 2016
    Views: 257
    Downloads: 2
    This paper appeared on CFA Institute's website in January 2010.
  • Inter-Corporate Network Dealings and Minority Shareholder Protection — Cases in Japan

    Source: Alexander Flatscher, CFA, Lee Kha Loon, CFA
    Date Submitted: 10 Jun 2016
    Views: 271
    Downloads: 1
    This paper appeared in CFA Institute's website in March 2010.
  • Director Professionalism: A Review of Director Training Programs in Asia-Pacific

    Source: CFA Institute
    Date Submitted: 10 Jun 2016
    Views: 219
    Downloads: 1
    This paper is appeared on CFA Institute's website in November 2010.
  • Shareholder Rights in Asia: Are Shareholders Flexing Their Muscles to Protect Themselves?

    Source: CFA Institute
    Date Submitted: 10 Jun 2016
    Views: 241
    Downloads: 2
    This paper is appeared on CFA Institute' website in November 2010.
  • Compensation Discussion and Analysis Template

    Source: Matthew Orsagh, CFA, CIPM
    Date Submitted: 10 Jun 2016
    Views: 254
    Downloads: 1
    This paper is published on CFA Institute's website in January 2011.
  • Asia-Pacific REITs—Building Trust through Better REIT Governance

    Source: Angela Pica, CFA
    Date Submitted: 10 Jun 2016
    Views: 546
    Downloads: 4
    This paper is published on CFA Institute's website in February 2011.
  • Increasing Gender Diversity to Boost Performance: A briefing for finance and HR leaders

    Source: ACCA
    Date Submitted: 10 Jun 2016
    Views: 762
    Downloads: 5
    This paper presents the value of gender diversity in business. It aims to help CFOs, senior finance professionals and HR professionals working alongside finance teams, to understand the value of gender diversity and make the business case for diversity to their peers.
  • Shareowner Rights across the Markets: 2011 Update

    Source: Matthew Orsagh, CFA, CIPM, Kurt N. Schacht, JD, CFA, James C. Allen, CFA
    Date Submitted: 10 Jun 2016
    Views: 262
    Downloads: 2
    This paper is published on CFA Institute's website in 2011. Reports concerning the Asia-Pacific market are extracted for convenience while other reports can be found in the link below.
  • Board Governance—How Independent Are Boards in Hong Kong Main Board Companies?

    Source: Lee Kha Loon, CFA, Kurt N. Schacht, CFA
    Date Submitted: 10 Jun 2016
    Views: 254
    Downloads: 2
    This paper is published on CFA Institute's website in March 2012.
  • Visionary Board Leadership: Stewardship for the Long Term

    Source: Matthew Orsagh, CFA, CIPM
    Date Submitted: 10 Jun 2016
    Views: 494
    Downloads: 2
    This report revisits the topic of short-termism—originally discussed in the 2006 report Breaking the Short-Term Cycle—but this time from a different perspective and with a very specific audience in mind: the corporate director—specifically, the “Visionary Director.” A Visionary Director is a director committed to working with management to make a company successful in the long-term, and who does not tolerate corner-cutting strategies to meet fleeting short-term expectations. This report identifies the issues, opportunities, and leading practices of Visionary Boards to combat short-termism and build long-term value for shareowners.
  • Shareowner Rights across the Markets: Individual Reports for 28 Different Markets

    Source: Matthew M. Orsagh, CFA, CIPM
    Date Submitted: 09 Jun 2016
    Views: 220
    Downloads: 2
    These are the individual reports for 28 different markets. Reports concerning Asia-Pacific markets are extracted independently for convenience, while other reports can be found in the full PDF version below.
  • Non-Preemptive Share Issues in Asia: Role of Regulation in Investor Protection

    Source: Padma Venkat, CFA, Kurt N. Schacht, JD, CFA, Robert W. Dannhauser, CFA, Tony Tan, DBA, CFA
    Date Submitted: 09 Jun 2016
    Views: 342
    Downloads: 2
    Section 1 of this report2 defines preemption. Section 2 draws a comparison between regulations in different jurisdictions in Asia (i.e., Hong Kong, Malaysia, Singapore, and Thailand) and the United Kingdom. Section 3 analyses Hong Kong placings data over four years (January 2009 – December 2012) and highlights the trend and implications of multiple and continuous private placements completed through general mandates in Hong Kong. Section 4 summarises the rights, roles, and responsibilities of various stakeholders—management; boards; controlling shareowners; and minority, or noncontrolling, shareowners—within organisations and the role of regulators in the corporate governance ecosystem. This final section also recommends policy changes to improve minority shareowner rights in any organisation.
  • An Investor’s Guide to Shareholder Meetings in India: Rights, Roles, and Responsibilities

    Source: Tony Tan, DBA, CFA, Padma Venkat, CFA, Vinay Bagri, CFA, Robert W. Dannhauser, CFA
    Date Submitted: 09 Jun 2016
    Views: 507
    Downloads: 4
    This is an investor's guide which jointly published by CFA Institute and Indian Association of Investment Professional - a member society of CFA Institute.
  • Proxy Access in the United States: Revisiting the Proposed SEC Rule

    Source: Chiara Trabucchi, Ellen Fitzgerald, Matthew Orsagh, CFA, CIPM, Robert W. Dannhauser, CFA, James Allen, CFA
    Date Submitted: 09 Jun 2016
    Views: 248
    Downloads: 1
    In this summary of CFA Institute findings, we take a brief look at the history of proxy access, discuss the pertinent academic studies, examine the benefits and limits of cost–benefit analysis, analyze the use of proxy access in non-US jurisdictions, and draw some conclusions.
  • Compensation Discussion and Analysis Template: Second Edition

    Source: Matthew Orsagh, CFA, CIPM
    Date Submitted: 09 Jun 2016
    Views: 274
    Downloads: 3
    This CD&A template offers companies a guide to help ensure that the CD&A is a clear, concise, and understandable tool for communicating to investors the company’s approach to its executive compensation program. Essentially, it gives insight into the analytical underpinnings of the numbers reflected in the tabular and other disclosures that follow the CD&A. Companies and compensation committees should view this CD&A template as a flexible template, particularly because the CD&A should be a properly customized story and should not devolve into “boilerplate” language. The goal is to use the template approach to include the basic elements of the compensation narrative in a manner that best tells a company’s compensation story. This template is designed as a best practice source for creating a CD&A that is a clear, concise, and legally compliant representation of a company's unique, and often complex, compensation scheme.
  • Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals

    Source: Usman Hayat, CFA, Matt Orsagh, CFA, CIPM
    Date Submitted: 09 Jun 2016
    Views: 353
    Downloads: 6
    This guide is divided into three chapters. Chapter 1 provides background information needed to understand ESG considerations in investing, Chapter 2 explains the application of different methods of considering ESG issues, and Chapter 3 explores salient issues in the debate on ESG considerations.
  • Governance for All: The implementation challenge for SMEs

    Source: ACCA
    Date Submitted: 09 Jun 2016
    Views: 299
    Downloads: 5
    This report aims to encourage understanding of what corporate governance means for SMEs. It draws extensively on material presented and discussed during a seminar organized by the Economic and Social Research Council (ESRC) and held in ACCA’s London offices on 19 November 2014 and incorporates the views of the ACCA Global Forum for SMEs.
  • Global Economic Conditions Survey Report: Q3, 2015

    Source: ACCA, IMA
    Date Submitted: 09 Jun 2016
    Views: 484
    Downloads: 4
    The Global Economic Conditions Survey (GECS) is one of the largest regular economic survey in the world in respect to respondents and the range of economic variables monitored. Its main indices are good predictors of such factors as GDP growth and daily trend deviations correlating with VIX (or ‘fear’ index), which measures expected stock price volatility. Fieldwork for the Q1 2015 GECS took place between 11 September and 22 September 2015, and attracted over 950 responses.
  • The Future of Audit

    Source: Jeffery, N. (Grant Thornton), Gambier, A. (ACCA)
    Date Submitted: 09 Jun 2016
    Views: 604
    Downloads: 8
    Report is a compilation of a series of roundtable discussions hosted by Grant Thorton and ACCA in seven nations globally into the impact on audit practices to rapid changes around the the world and the future impact on auditing.
  • Balancing Rules and Flexibility: A study of corporate governance requirements across 25 markets

    Source: KPMG (Singapore), ACCA
    Date Submitted: 09 Jun 2016
    Views: 3301
    Downloads: 33
    The objectives of the study were to: (a) Examine corporate governance (CG) requirements in terms of clarity and completeness of content, degree of enforceability and prevalence; (b) Identify common/basic CG requirements and emerging trends; (c) Raise awareness of the similarities and differences in CG requirements across markets, geographic regions, economic zones and pillars/themes of CG; and (d) Inform other industry research.
  • ResearchFrom Share Value to Shared Value: Exploring the Role of Accountants in Developing Integrated Reporting in Practice

    Source: Gibassier, D., Rodrigue, M., CPA, Arjalies, D.L.
    Date Submitted: 08 Jun 2016
    Views: 591
    Downloads: 4
    Joint IMA-ACCA report into integrated reporting (IR) aimed at developing greater practitioner involvement into IR matters.
  • Mapping the Sustainability Reporting Landscape: Lost in the right direction

    Source: Lois Guthrie
    Date Submitted: 08 Jun 2016
    Views: 704
    Downloads: 6
    This report explores the changing corporate sustainability reporting landscape, outlines its components, addresses current challenges and proposes development opportunities. It provides a considered overview of the trends, levers and drivers influencing the reporting landscape. It also proposes ideas to prompt discussion among professionals involved in reporting who seek standardisation, rationalisation and order.
  • An Arms Race We Should Welcome: The Race for Higher Corporate Governance Standards

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 238
    Downloads: 0
    This is a blog posted on CFA Institute's website on 27 June 2011
  • Corporate Governance in Japan — Plenty of Room for Improvement

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 282
    Downloads: 1
    This is a blog posted on CFA Institute's website on 4 November 2011.
  • Corporate Governance Update November 2011: Canada Sets High Bar. Australia Throws First Strikes.

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 228
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 December 2011.
  • Global Corporate Governance: What Happened in 2011 and What to Expect in 2012

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 237
    Downloads: 0
    This is a blog posted on CFA Institute's website on 5 January 2012.
  • Corporate Governance Update: BlackRock, Western Union, Olympus Kick off 2012 with a Bang

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 270
    Downloads: 0
    This is a blog posted on CFA Institute's website on 9 February 2012.
  • Corporate Governance Update: Apple and Olympus Make News

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 234
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 March 2012
  • Corporate Governance Update: Goldman Gives in, Say-on-Pay Fever Spreads, and JOBS Act Leaves Investors Cold

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 231
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 March 2012.
  • Corporate Governance Update: Complaints Against Deutsche, Olympus; H-P Embraces Proxy Access

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 230
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 May 2012.
  • Corporate Governance Roundup: EU Pay Caps, French CEO Pay Cuts, Class Action in Hong Kong

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 229
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 June 2012.
  • Corporate Governance Roundup: Egypt and Philippines Get New Tools, Japan Gets New Fund, U.K. May Get New Law

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 347
    Downloads: 1
    This is a blog posted on CFA Institute's website on 2 July 2012.
  • Corporate Governance Roundup: Germany Gets New Code, Impregilo Not Impregnable, Japan Delays, U.K. Reads Kay, U.S. Blunders

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 232
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 January 2013
  • Corporate Governance Roundup: Aussie Bosses Give Back, Turkey’s New Code, MANU a Bad Investment, Director Defenestration in U.S.

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 230
    Downloads: 0
    This is a blog posted on CFA Institute's website on 31 August 2012.
  • Corporate Governance Roundup: ACGA in Asia, Index in Brazil, Pay Legislation in France, Board Diversity in Europe

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 443
    Downloads: 1
    This is a blog posted on CFA Institute's website on 3 October 2012.
  • Corporate Governance Roundup: New Rules in Canada, Switzerland, U.K., and U.S.; Proxy Voting Innovation in Turkey

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 230
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 November 2012.
  • Corporate Governance Roundup: Asia Tackles Enforcement, Australia’s “Two-Strikes” Rule Gains Force, Russia Forms “New Market”

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 250
    Downloads: 0
    This is a blog posted on CFA Institute's website on 3 December 2012.
  • Corporate Governance Roundup: EU “Action Plan,” Italy’s Stewardship Code, Japan Seeks Middle Ground Share on Facebook Share on Twitter Share on LinkedIn Share via E-Mail

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 525
    Downloads: 1
    This is a blog posted on CFA Institute's website on 4 January 2013.
  • Corporate Governance Roundup: M&A Committee Launches in Brazil, Israel Joins “Say-on-Pay” Debate

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 229
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 February 2013.
  • 中国及亚太地区共享服务中心的未来挑战

    Source: ACCA, Deloitte
    Date Submitted: 08 Jun 2016
    Views: 549
    Downloads: 1
    ACCA和德勤管理咨询再次合作,针对中国和亚太地区的共享服务中心(Shared ServicesCentre,SSC)目前和将来的挑战提供洞见。2013年初,《中国企业财务共享服务:现状与展望》(Remote delivery: the China story)报告发布。而2014年底双方又进行的一系列深度访谈,进一步收集了资深财务主管的最新见解,对该报告进行了更新。
  • Corporate Governance Roundup: Governance in Emerging Markets, Hong Kong Suspension, U.S. Performance Measures

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 274
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 January 2013
  • Corporate Governance Roundup: National Securities Regulation in Canada, Executive Pay in Germany and Greece

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 235
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 April 2013
  • Corporate Governance Roundup: IIRC Seeks Integrated Reporting Input, Hong Kong Keeps Company Director Details Public, and More

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 450
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 April 2013
  • Corporate Governance Roundup: Pay Caps in Germany, Pension Reform in the U.K., JPMorgan Controversy in the U.S.

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 244
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 January 2013.
  • Corp Gov Roundup: ASEAN Scorecard, Transparency in Brazil, Majority Voting in the U.S. Share on Facebook Share on Twitter Share on LinkedIn Share via E-Mail

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 329
    Downloads: 1
    This is a blog posted on CFA Institute's website on 2 July 2013.
  • The Costs of Corporate Litigation in Australia

    Source: Asjeet S. Lamba, Ian Ramsay
    Date Submitted: 07 Jun 2016
    Views: 589
    Downloads: 0
    This paper presents the results of a study that measures the costs associated with litigation for plaintiff and defendant companies for a sample of companies listed on the Australian Securities Exchange. The study uses event study methodology to examine the effects of litigation initiation announcements, settlement announcements and judgment announcements. The study also examines whether the impact of an announcement is related to the type of plaintiff (such as corporate plaintiff or a government plaintiff) and whether the impact differs according to the type of legal claim (such a breach of contract, a trade practices matter, an intellectual property infringement or securities fraud).
  • Corp Gov Roundup: Corruption Report, Russia’s Trust Problem, Say-on-Audit Votes

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 356
    Downloads: 1
    This is a blog posted on CFA Institute's website on 31 July 2013.
  • The Role of Executive Stock Options in On-Market Share Buybacks

    Source: Asjeet S. Lamba, Vivek M. Miranda
    Date Submitted: 07 Jun 2016
    Views: 403
    Downloads: 0
    The increasing use of on-market buyback programs in Australia may not be fully explained by the typical motivations of information signaling and free cash flows offered by previous researchers. For some firms at least, management may believe the shares are overvalued. It is in this context that we examine whether managers of firms with high levels of executive stock options have an incentive to initiate buyback programs. It has been argued that managers may be motivated to undertake on-market buyback programs in order to neutralize the dilution of earnings per share caused by their stock options, rather than for signaling purposes. Our findings are consistent with this argument because we find that the higher the proportion of executive stock options outstanding the more likely it is for firms to undertake larger on-market buyback programs. Overall our results indicate that the existence of executive stock options influences managers' decision to implement on-market buyback programs but that it is not the only factor that managers take into consideration.
  • Corp Gov Roundup: Proxy Voting, “Female Empowerment,” Sovereign Wealth Fund Appointments

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 251
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 September 2013.
  • Corp Gov Roundup: National Securities Regulator, Listing Standards, Binding “Say-on-Pay” Vote

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 229
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 October 2013
  • Comparing Share Buybacks in Highly Regulated and Less Regulated Market Environments

    Source: Asjeet S. Lamba, Ian Ramsay
    Date Submitted: 07 Jun 2016
    Views: 520
    Downloads: 0
    Do changes in the legal and regulatory environment of a country affect companies' financing/investment decisions? In this paper, we address this question by examining the market's reaction to announcements of share buybacks in Australia. Before 1989, Australian companies were prohibited from repurchasing their shares and, until 1995, they were heavily regulated with few companies repurchasing their shares. In December 1995, the regulations governing share buybacks were simplified making it considerably easier for companies to repurchase their shares. The changing Australian legal regulation of share repurchases provides a unique opportunity to test the effects of legal regulation on companies' financing/investment decisions. We find that, unlike in the United States, the market reacts most positively to on-market buybacks (equivalent to open-market repurchases), while the reaction to other types of share buybacks is positive but not statistically significant. We also find that the abnormal returns earned by resource sector companies announcing share buybacks are higher than the abnormal returns earned by share buybacks announced by companies in the industrial and financial services sectors. An examination of matched companies announcing share buybacks before and after the regulatory changes in December 1995 shows that the market attaches a substantially higher value to the removal of stringent regulations governing share buybacks. This evidence is consistent with the expectation that the stringent regulation of share buybacks during 1989-1995 made them less effective as a credible signaling mechanism.
  • Corp Gov Roundup: “Say-on-Pay” Proposal, Audit Rotation Rules, Proxy Season

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 235
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 November 2013
  • What Motivates Block Share Ownership?

    Source: Asjeet S. Lamba, Geofrey P. Stapledon
    Date Submitted: 07 Jun 2016
    Views: 822
    Downloads: 0
    Diffuse share ownership is not as pronounced in the U.S. as many would assume. This has led to a body of research examining large shareholders, or blockholders. Issues addressed include whether firms with a blockholder perform better or worse than widely-held firms; whether firms with a blockholder pay their executives differently to widely-held firms; and whether the presence of a blockholder increases or decreases the incidence takeovers. Another issue, which this paper explores, is what motivates block share ownership. Bebchuk (1999a, 1999b) develops a model which predicts that a firm is more likely to have a controlling blockholder if the anticipated private benefits of control at that firm are comparatively large. This paper examines the factors associated with ownership structure among publicly traded Australian firms. Our results indicate that private benefits of control are a significant factor in explaining the differences in ownership structure among Australian firms. As importantly, we also find that the relationship between the existence of a blockholder and private benefits of control is endogenous. That is, the presence of a controlling blockholder strongly influences the prevalence of these private benefits of control.
  • Corp Gov Roundup: Proxy Advisers, EU Code of Conduct, JPX-Nikkei Index

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 231
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 December 2013.
  • Corp Gov Roundup: Pension-Fund Governance, Proxy Adviser Debate, and More

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 236
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 January 2014.
  • Corp Gov Roundup: Integrated Reporting, Board Diversity, Stewardship Codes

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 541
    Downloads: 3
    This is a blog posted on CFA Institute's website on 4 February 2014.
  • Corp Gov Roundup: Majority Voting Rules, Investor Stewardship Codes, “Say on Pay”

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 502
    Downloads: 1
    This is a blog posted on CFA Institute's website on 22 January 2013
  • Dual-Class Shares: From Google to Alibaba, Is It a Troubling Trend for Investors?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 624
    Downloads: 4
    This is a blog posted on CFA Institute's website on 1 April 2014
  • Corp Gov Roundup: Comply-or-Explain Principles, Corp Gov Roadmap, Clawback Bonuses

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 251
    Downloads: 0
    This is a blog posted on CFA Institute's website on 3 April 2014.
  • Corp Gov Roundup: Coca-Cola vs. Buffett, “Say on Pay,” Fiduciary Duty

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 248
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 May 2014.
  • Corp Gov Roundup: Short-Termism, Proxy Access, Pension Funds

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 238
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 June 2014.
  • Corp Gov Roundup: Petrobrás, Short-termism, “Say on Pay” Results

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 457
    Downloads: 0
    This is a blog posted on CFA Institute's website on 8 July 2014.
  • Corp Gov Roundup: In Alibaba Aftermath Will Hong Kong Stick to “One Share, One Vote”?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 263
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 August 2014.
  • Corp Gov Roundup: Shareholder Engagement, Proxy Voting Guidelines for 2015

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 265
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 September 2014
  • Corp Gov Roundup: Reining in CEO Pay, Hong Kong Regroups after Alibaba IPO

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 240
    Downloads: 0
    This is a blog posted on CFA Institute's website on 3 October 2014.
  • Corp Gov Roundup: Executive Pay, Shareholder Rights, Proxy Vote Disclosure

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 467
    Downloads: 1
    This is a blog posted on CFA Institute's website on 3 November 2014.
  • Corp Gov Roundup: Risk, Compliance, Shareholder Value “Alignment Gap,” Proxy Access

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 409
    Downloads: 1
    This is a blog posted on CFA Institute's website on 2 December 2014.
  • Corp Gov Roundup: European, Global Economic Risks; Two Take Whole Foods’ Tack on Proxy Access

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 236
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 January 2015.
  • From Bust to Boom: Southeast Asia’s Capital Markets Getting It Right This Time

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 443
    Downloads: 2
    This is a blog posted on CFA Institute's website on 16 April 2013.
  • Alibaba IPO: What It Says about Shareholder Rights in Asia

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 434
    Downloads: 2
    This is a blog posted on CFA Institute's website on 21 October 2013.
  • Blurry Images: Investors, Regulators, Auditors Missed Olympus Warning Signs

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 268
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 November 2011.
  • Regulatory Spotlight on Independent Directors in India

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 283
    Downloads: 1
    This is a blog posted on CFA Institute's website on 9 June 2012.
  • Asian Corporate Boards: Increase Lens Power to See Unknown Risks

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 266
    Downloads: 0
    This is a blog posted on CFA Institute's website on 25 July 2012.
  • “Front-Running” in India Challenges Regulators

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 266
    Downloads: 0
    This is a blog posted on CFA Institute's website on 21 December 2012.
  • Indian Regulators Tackle Corporate Governance Reforms in the New Year

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 254
    Downloads: 1
    This is a blog posted on CFA Institute's website on 11 January 2013.
  • India and Singapore Regulators Fill Ethics Void with Strict Financial Rules

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 403
    Downloads: 2
    This is a blog posted on CFA Institute's website on 5 February 2013.
  • What Is the Future of Financial Exchanges? (Video)

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 628
    Downloads: 1
    This is a blog posted on CFA Institute's website on 23 April 2013. Video can be played in the Reference UFL below.
  • Non-Preemptive Share Issues in Asia: Reforming Rules to Protect Investors

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 315
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 March 2014.
  • Institutional Investors: What Is Their Role as Owners of Public Companies?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 608
    Downloads: 1
    This is a blog posted on CFA Institute's website on 15 April 2014.
  • Corporate Governance Reform in India: Gauging Impact on Investors

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 596
    Downloads: 1
    This is a blog posted on CFA Institute's website on 8 May 2014
  • Exercise Your Rights: A Guide to Educate, Empower Indian Investors

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 242
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 July 2014.
  • Institutional Investors Reject Tata Motors Pay Resolutions: Is Tide Changing in India?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 437
    Downloads: 1
    This is a blog posted on CFA Institute's website on 23 July 2014.
  • Toshiba Accounting Scandal: A Corporate Culture Problem

    Source: Mohini Singh, ACA
    Date Submitted: 07 Jun 2016
    Views: 753
    Downloads: 18
    This is a blog posted on CFA Institute's website on 30 October 2015.
  • Corp Gov Roundup: US Flips Proxy Access Ruling, Norway Enhances Pension Fund Governance

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 226
    Downloads: 0
    This is a blog posted on CFA Institute's website on 5 February 2015.
  • Corp Gov Roundup: “Collective Action,” Chairman-CEO Split, Pension Plan Governance

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 238
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 March 2015.
  • CorpGov Roundup: Private Ordering and Proxy Access, Dual-Class Shares, “Two Strikes” Rule

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 303
    Downloads: 2
    This is a blog posted on CFA Institute's website on 1 April 2015.
  • Corp Gov Roundup - Double Voting Rights Causing Stir, Spring Proxy Season in Swing

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 238
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 May 2015.
  • CorpGov Roundup: Chaebol Governance Challenging, India Stewardship Code in Its Infancy

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 514
    Downloads: 1
    This is a blog posted on CFA Institute's website on 4 June 2015.
  • CorpGov Roundup: Executive Pay, Dual-Class Shares, Returns on Activist Investing

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 251
    Downloads: 0
    This is a blog posted on CFA Institute's website on 1 July 2015.
  • Corp Gov Roundup: Post-Petrobras Scandal Reforms, “Clawbacks” of Exec Bonuses

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 242
    Downloads: 0
    This is a blog posted on CFA Institute's website on 18 December 2013.
  • CorpGov Roundup: Toshiba Scandal Shows Work Remains in Japan, US Proxy Access

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 229
    Downloads: 1
    This is a blog posted on CFA Institute's website on 2 September 2015.
  • CorpGov Roundup: VW Busted, BofA Vote Bucks Trend, and Proxy Season Planning Commences

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 07 Jun 2016
    Views: 232
    Downloads: 0
    This is a blog posted on CFA Institute's website on 5 October 2015.
  • CorpGov Roundup: Proxy Access, Sustainable Investments, Seeking Comments

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 217
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 November 2015.
  • CorpGov Roundup: Board Tenure — How Long? ESG Issues — What Should Be Reported?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 224
    Downloads: 1
    This is a blog posted on CFA Institute's website on 3 December 2015.
  • CorpGov Roundup: Reports, Codes, Blueprint, and CROWN in the Mix

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 227
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 January 2016.
  • CorpGov Roundup: NY Comptroller Extends Proxy Project, EU Tackles ESG

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 229
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 February 2016.
  • CorpGov Roundup: Are Vanguard, Buffett, Dimon, BlackRock Sowing Seeds for US Code?

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 246
    Downloads: 0
    This is a blog posted on CFA Institute's website on 4 March 2016.
  • CorpGov Roundup: CSA Seeks Investor Input, Report Slams UK Firms’ Pay Practices

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 506
    Downloads: 0
    This is a blog posted on CFA Institute's website on 5 May 2016.
  • CorpGov Roundup: Hermes EOS Hire Signals Serious Reform Business in Japan

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 06 Jun 2016
    Views: 566
    Downloads: 1
    This is a blog posted on CFA Institute's website on 6 April 2016.
  • Asian REIT Market — Growing Pains for Investors

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 473
    Downloads: 2
    This is a blog posted on CFA Institute's website on 21 November 2011.
  • REIT Governance: from Father to Son but at What Price?

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 658
    Downloads: 3
    This is a blog posted on CFA Institute's website on 29 November 2011.
  • Treasury China Trust: Governance Clouds Value

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 272
    Downloads: 1
    This is a blog posted on CFA Institute's website on 3 October 2012.
  • Bumi PLC: Corporate Governance Concerns Give Investors “Coal” Feet

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 390
    Downloads: 3
    This is a blog posted on CFA Institute's website on 25 October 2012.
  • Asia Pacific Market Outlook: Strong Growth, More Even Playing Field for Investors in 2015

    Source: Laruel Teo
    Date Submitted: 06 Jun 2016
    Views: 537
    Downloads: 1
    This is a blog posted on CFA Institute's website on 15 January 2015
  • The REIT Way: Asia Pacific Markets Need Better Governance Practices

    Source: Angela Pica
    Date Submitted: 06 Jun 2016
    Views: 309
    Downloads: 1
    This is a blog posted on CFA Institute's website on 24 February 2011
  • Corporate Governance in Asia: Regulatory Landscape Urges Better Shareowner Communications

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 615
    Downloads: 2
    This is a blog posted on CFA Institute's website on 9 August 2012.
  • Share Placement and Rights Issues: What is the Role of Investor Education?

    Source: Alan Lok
    Date Submitted: 06 Jun 2016
    Views: 367
    Downloads: 1
    This is a blog posted on CFA Institute's website on 21 May 2014.
  • Through the Lens of CitySpring, SGX Business Trusts Examined

    Source: Alan Lok
    Date Submitted: 06 Jun 2016
    Views: 395
    Downloads: 1
    This is a blog posted on CFA Institute's website on 9 December 2014.
  • Are Tencent, Alibaba Innovators or a New Cog in the Chinese Regime?

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 398
    Downloads: 5
    This is a blog posted on CFA Institute's website on 12 February 2015.
  • Does Institutional Shareholding Affect Firm Value_An Empirical Analysis in Indian Market

    Source: Dr. Amiya Kumar Sahu
    Date Submitted: 29 May 2016
    Views: 5845
    Downloads: 141
    This is a working paper from my PhD thesis on "MONITORING BY FINANCIAL INSTITUTIONS AND IMPACT ON FIRM PERFORMANCE: EVIDENCE FROM INDIA". The paper empirical provides evidence of emergence of Institutional monitoring in India's corporate governance sphere dominated by foreign institutions (FIIs).
  • Dual Class Shares - Is India Ready for it?

    Source: Aditya Jadhav CFA
    Date Submitted: 27 May 2016
    Views: 3418
    Downloads: 64
    This research article intends to create awareness about DVRs/Dual class shares in India, to study the international as well as domestic experience and tries to examine the various factors that affect DVR share prices. This is an Accepted Manuscript of an article published by Taylor & Francis in Macroeconomics and Finance in Emerging Market Economies on 01 March 2012, available online: http://www.tandfonline.com/doi/abs/10.1080/17520843.2011.643539
  • Asia-Pacific REITs—Building Trust through Better REIT Governance

    Source: Angela Pica
    Date Submitted: 09 May 2016
    Views: 561
    Downloads: 12
    Real estate investment trusts can provide many benefits to investors; however, these benefits often are clouded by poor governance that can weaken unitholders’ rights. Regulators and industry participants in prospective and existing REIT markets must establish robust governance structures to minimize risk of expropriation by insiders and strengthen unitholders’ rights.
  • Road blocks or the road to ESG integration?

    Source:
    Date Submitted: 10 Apr 2016
    Views: 768
    Downloads: 33
    Recent international forums such as COP21 and the World Economic Forum have drawn increased attention to global economic risks arising from corporate environmental, social and governance (ESG) practices and performance. The global drive towards considering ESG factors as core components of business and investment strategies gains momentum year-on-year. Based on a presentation shared with CFA members in New Zealand and Melbourne, this FTSE Russell article explains the trends taking place in Australia and Asia Pacific…
  • How the ESG landscape is changing in Japan: A personal observation

    Source: Arisa Kishigami
    Date Submitted: 28 Mar 2016
    Views: 575
    Downloads: 0
    RI Asia 2016 took place at the Tokyo Stock Exchange on the 23-24th February, and was attended by approximately 400 domestic and international participants. Whilst each participant may have a different take on the two days, I am delighted to share with you my own thoughts.
  • Rights Issue Effect to Japanese Companies' Treasury Shares

    Source: Kristine Joy Fajardo
    Date Submitted: 27 Mar 2016
    Views: 295
    Downloads: 9
    This research aims to ascertain if treasury shares are adjusted by a particular type of split; rights issue. The research uses screening samples with size of 37 Japanese companies. This research looks into the effect of such issue by reading the financial statements, particularly the Balance Sheet, Changes in Shareholder’s Equity and Cash Flow statement.
  • A Company Outlook on Aboitiz Power Corporation 2015 onwards

    Source: Jeffrey Ayo, Daniel Camagay, Ronald Tan, Martin Whalley
    Date Submitted: 17 Mar 2016
    Views: 697
    Downloads: 34
    A general outlook on Aboitiz Power Corporation, a publicly listed company on the Philippine stock exchange.
  • Strategies and Method to Enhance Local Awareness and Engagement: Melbourne

    Source: Asjeet S. Lamba
    Date Submitted: 15 Mar 2016
    Views: 277
    Downloads: 6
    Brief comments/views in respect to the following questions on strategy/methods to engage more effectively with local CFA Society members and broader investment community to create awareness of the ARX platform and to encourage contributions.
  • Insight on: ASEAN Integration and its impact on Banking and Finance sector in the Philippine setting

    Source: Fiona Rhea Yntela
    Date Submitted: 14 Mar 2016
    Views: 1096
    Downloads: 15
    The paper is about a commentary regarding the ASEAN integration, its purpose and objectives, plans and benefits towards banking industry in the Philippine setting. Pros and cons have been discussed but it is limited to what is seen in the banking and finance markets of the said country.
  • “Why the next President matters and will social media play a pivotal role in the outcome of the elections”

    Source: Eduardo G. Policarpio Jr
    Date Submitted: 14 Mar 2016
    Views: 543
    Downloads: 0
    The article is a commentary to the presentation made by Mr. Peter Wallace, founder of the Wallace Business Forum (WBF). In his presentation, Mr. Wallace explained why the next president will largely determine the country’s future growth trajectory, and how social media will play a critical role in deciding the outcome of the elections.
  • Corp Gov OECD Principles Prompt Question: What Information Do Investors Really Want?

    Source: Tony Tan
    Date Submitted: 01 Mar 2016
    Views: 750
    Downloads: 0
    This blog was posted on CFA Institute's website on 24 February 2014
  • Corporate Governance in India: The Rise of the Minority Shareholder

    Source: Tony Tan
    Date Submitted: 01 Mar 2016
    Views: 842
    Downloads: 0
    This is a blog posted on CFA Institute's website on 9 February 2014.
  • Auditor-Related Disclosure in the IPO Prospectus and the Impact on Underpricing

    Source: Inderpal Singh, J-L.W. Mitchell Van der Zahn, Nigar Sultana
    Date Submitted: 24 Feb 2016
    Views: 295
    Downloads: 3
    Nowhere
  • Political Motivation, Regulator and Industry Support Fuel Japanese Stewardship Code

    Source: Tony Tan
    Date Submitted: 24 Feb 2016
    Views: 515
    Downloads: 4
    Blog post
  • Impact of Corporate Governance on Financial Practices of New Zealand Companies

    Source: Hardjo Koerniadi
    Date Submitted: 22 Feb 2016
    Views: 439
    Downloads: 6
    This article has been published in Applied Finance Letters, Volume 2(2), 2013, pp. 14-19.
  • China Corporate Governance Survey

    Source: CFA Institute
    Date Submitted: 21 Feb 2016
    Views: 242
    Downloads: 5
    The main objective of the survey was to obtain opinions and views on: issues relating to corporate governance and financial disclosures among Chinese companies; the effectiveness of recent reforms made by China to improve corporate governance practices; and ways to further improve corporate governance practices in China.
  • Board Governance— How Independent Are Boards in Hong Kong Main Board Companies?

    Source: Lee Kha Loon
    Date Submitted: 21 Feb 2016
    Views: 257
    Downloads: 3
    Report on the characteristics of key corporate governance practices among main board listed firms on the HKSE at at August 31 2010.