RI Briefing, Nov 26: 3iG, GRI, Ruggie, solar bond, Ontario Teachers, say-on-pay

3iG, the international interfaith advisory group has released a significant practitioners report titled: “From Faith to Faith Consistent Investing, Religious Institutions and their Investment Practices”. It looks as trends including screening, investment returns, impact investment and engagement by religious investors. Link

The Global Reporting Initiative is to start work on a new version of the GRI Guidelines – the GRI G4 Reporting Guidelines – to be ready by the end of 2012. It said a key aim was to harmonize Environmental, Social and Governance (ESG) and sustainability reporting practices around the world and reflect a shift by some companies towards integrating finance and sustainability reporting.

The Draft Guiding Principles on Business and Human Rights for the implementation of the UN “Protect, Respect and Remedy” Framework, have been released by the Special Representative of the UN Secretary-General (SRSG) for Business and Human Rights, Harvard Professor John Ruggie, for public comment by January 31, 2011. Link to consultation

The Ontario Teachers’ Pension Plan has updated its Corporate Governance Policies and Proxy Voting Guidelines for the 2011 proxy season. New this year are guidelines on director independence, independent auditors and dual-class share structures. There are revisions to its guidelines on say-on-pay and director elections. Link

The New Earth Solutions Recycling Facilities Investment Sub-Fund has announced it has taken in subscriptions exceeding £50m. The open-ended investment company (OEIC) was launched in partnership with New Earth Solutions Group, the UK waste treatment and renewable energy specialists.

A new Italian solar bond – believed to be the first of its kind – is reportedly aiming to gather €200m from investors. It involves the securitisation of project finance loans made by French banks, BNP Paribas and SociétéGénérale for the construction of two Italian solar parks with a capacity of 45.3MW and 6.1MW, reports Environmental Finance.

Sir David Walker, the author of an influential UK report on corporate governance, in an article in the Financial Times, says shareholders and fund managers will continue to give too much attention to board level pay.He also backtracked on his proposal to force banks to disclose more pay information.

ATP, the largest Danish pension fund, has set up a new DKK1bn (€134m) technology venture capital fund called Via Venture Partners Fund II. The new fund follows Via Venture Partners Fund, which was set up in 2006.

France’s FRR national pension fund has been awarded the prize for Responsible Investor 2010, an award made in Paris by Amadeis, the consultant, Natixis Asset Management and Les Echos, the French financial newspaper.
Global private equity firm, The Riverside Company, is expanding its investments into clean technology companies anticipating strong growth in alternative energy and energy efficiency markets. The firm has hired Evelyne White to explore opportunities within the cleantech sector.

Harvard Business School has issued a free ebook on the topic of integrated reporting — the practice of integrating a corporation’s financial reporting with its sustainability reporting. Link

The UAE, Australia and USA have been identified as the worst carbon dioxide polluters, according to a study by Maplecroft, the research company. The study rates 183 countries on their CO₂ emissions from energy use. Maplecroft said the study could help identify those countries which may be subject to future regulation of CO₂ emissions or pressure from public interest groups to address emissions. Maplecroft

The UK’s Institute of Directors has launched a corporate governance guide for unlisted companies. The IoD says the governance needs of unlisted firms has been neglected by governance experts and policy-makers and the new publication will “fill the void” left by the UK Corporate Governance Code, which is primarily aimed at listed enterprises. Release

Investors’ say‐on‐pay is “doing more harm than good” says corporate governance advisory firm Nestor Advisors, as it undermines company boards. And at banks, Nestor reckons, the effect is even more “pernicious”. The comments come in London-based Nestor’s new 123-page report” Bank Boards After the Flood.