Advocacy Talking Points 24 November 2022
Guidelines for ESG Integration in Equity Analysis and Presentation in Analyst Research Reports
Co-hosted by the Securities and Exchange Commission Thailand and CFA Society Thailand, the webinar covered various approaches to ESG integration and their respective case studies.
Webinar PresentationDownload PDF
Building an ecosystem conducive to sustainable growth of the capital market is a mission of the Securities and Exchange Commission Thailand (SEC) as a capital market regulator.
Integrating environmental, social and governance (ESG) factors into analysis of listed equity investments is a responsible investment practice widely adopted by the market today. Pivoting towards sustainability, SEC, CFA Institute and CFA Society Thailand co-hosted a webinar to provide practitioners with guidelines and case studies in tandem with sustainability in Thailand’s context and alignment with international standards to:
- Identify material ESG information and examine the value of ESG integration in investment analysis
- Explore the various approaches to ESG integration in security analysis
- Review the challenges of integrating ESG factors, including the lack of consistent and comparable data
- Learn about how ESG analysis is presented in research reports and analyst discussions
Ms. Ruenvadee Suwanmongkol took office as Secretary-General of the Office of the Securities and Exchange Commission (SEC) on 1 May 2019. She has been leading the SEC team in implementing action plans to achieve the SEC Mission and the objectives of the Strategic Plan. One of the primary goals is to create an ecosystem conducive to the development of a sustainable capital market for Thailand to address national key issues in line with the 20-Year National Strategy and the UN Sustainable Development Goals (SDGs). In so doing, the SEC integrates cooperation from various organizations, both local and international, and aims to promote knowledgeability and readiness of capital market business personnel.
She has more than 30 years of work experience in both public and private sectors, including regulatory agencies. Prior to the Secretary-General appointment, she served in several key positions at the Ministry of Justice, including Director-General of the Probation Department and Director-General of the Legal Execution Department. In addition, she received the Best Working Women 2017 – Public Sector Award from the Ministry of Labor on the International Women’s Day on 8 March 2017, the Anti-corruption Champion Award 2018 from the Anti-corruption Organization of Thailand, and the Digital Government Leader Award 2020 from the Digital Government Development Agency.
Paul Andrews oversees the strategic direction and leadership of the Research, Advocacy, and Standards function at CFA Institute, where he seeks to position the organization as an innovator and thought leader in investment management. Previously, he served as Secretary General of the International Organization of Securities Commissions (IOSCO) for two terms. Mr. Andrews revamped the strategic direction of IOSCO and oversaw the development of numerous global standards, recommendations, and principles. Mr. Andrews also served as vice president and managing director, international affairs, at the Financial Industry Regulatory Authority (FINRA), where he directed the organization’s international engagements and worked closely with key regulators and regulatory bodies worldwide, including IOSCO. In addition, he worked at the US Securities and Exchange Commission, where he worked in the Division of Market Regulation and the Office of the General Counsel. Mr. Andrews has also worked in private legal practice. He is a graduate of the Catholic University School of Law and Villanova University.
Sineerat is a Product Specialist covering mutual funds and ETFs. She is responsible for fund selection and recommendation. She is also a speaker to help educating beginners to invest in a mutual fund product. She has more than 10 years of experiences in financial market and almost 5 years working as a fund selector. She obtained Master degree majoring in Finance. She earned her CFA designation in 2017.
Sivananth "Siva" Ramachandran, CFA, is the Director of Capital Markets Policy, India at CFA Institute. In his role, he is responsible for advocating policy positions on issues that impact Indian capital markets, including corporate governance, ESG, and financial reporting, to name a few. Siva was part of a SEBI working group that reviewed the related party transaction regulations. He is frequently quoted in media. Siva has nearly 13 years of experience in financial services. Prior to joining the CFA Institute, he spent five years at Morningstar, and led their global index product development team. He also served as a spokesperson for sustainability at Morningstar India. Prior to his time at Morningstar, Siva spent nearly five years at MSCI where he co-authored research papers on small cap investing, portfolio construction, and economic exposure. Siva has an MBA from the Indian Institute of Management, Lucknow. He also holds the chartered financial analyst (CFA) and professional risk management (PRM) designations, and the fundamentals of sustainability accounting (FSA) credential provided by the Sustainability Accounting Standards Board (SASB).
Deborah Kidd, CFA, is a Director with the Global Industry Standards team at CFA Institute. She contributes to the development, maintenance, and promotion of CFA Institute industry codes and standards, with a focus on the Global ESG Disclosure Standards for Investment Products. Before joining CFA Institute in 2019, Deborah was a long-time volunteer and contributed to the organization as an author and editor for CFA Institute publications and CFA exam curriculum. She has written extensively about performance attribution and manager due diligence for the CIPM Investment Risk and Performance Newsletter. Prior to joining CFA Institute, Deborah was a fixed income portfolio manager for institutional and public funds with Boyd Watterson Asset Management, LLC. Deborah also served for ten years as a board member of CFA Society Cleveland. Deborah has a Bachelor of Arts degree from Ursuline College and is a CFA charterholder.
Phineas Glover is Head of Environmental, Social and Governance (ESG) Securities Research, Asia Pacific at Credit Suisse. He joined in April 2018.
Prior to Credit Suisse, Mr. Glover was at Macquarie Bank where he was also Head of ESG, Asia Pacific. His career has spanned investment research, fund management and ESG specialisms. Mr. Glover previously co-founded the UK Investor Forum, a membership organization now representing institutions with £14 trillion in global assets under management. The Forum combines investment and ESG disciplines into an engagement framework that focuses on long-term value creation. He previously headed collective shareholder engagements on behalf of fund managers at the Association of British Insurers, worked on the buy-side as an equity analyst at The Co-Operative Asset Management and had stints as a senior adviser to EY.
Mr. Glover holds a Bachelor of Arts degree from Brunel University in Business Management and Economics and a Master of Science degree from Birkbeck College, University of London in Business Strategy, Economics and the Environment.
Mr. Shah leads the ESG practice at GMO and is responsible for building GMO’s ESG capability across investment product areas and asset classes. He was a member of the CFA Institute’s inaugural global ESG working group (FY20) which aimed to develop an industry standard for the classification and disclosure of ESG investment products and has subsequently been selected as a member of its ESG verification subcommittee (FY21). Prior to joining GMO in 2017, he led a global team of analysts focused on ESG ratings and thematic research at Sustainalytics. Previously, he was an ESG Ratings associate at MSCI and, as a senior climate change consultant with Ernst & Young, has helped register a wide variety of projects with the UNFCCC under the Clean Development Mechanism defined in the Kyoto Protocol. During 2015 and 2016, Mr. Shah was voted #1 “research firm analyst who understands the challenges & opportunities facing companies” in the global Independent Research in Responsible Investment (IRRI) Survey. He earned his Bachelor of Engineering in Electronics from University of Mumbai and holds a post-graduate diploma in management - e business (finance) from We School, Mumbai. Mr. Shah holds the Fundamentals of Sustainability Accounting (FSA) credential issued by SASB, Sustainability and Climate Risk (SCR) credential by GARP, and the CFA charter.