14.00 - 15.15
1A. What global policy developments mean for responsible investorsIn recent months, the EU Commission has published its proposal for a sustainability taxonomy. The US Congress has held its first hearing on ESG and climate disclosures. Most policy makers accept that markets are not adequately incorporating sustainability issues, in particular climate change. As such, responsible investment-related regulation is on the rise almost everywhere. This session will:• explore policy reform in major markets, including the US, so far the non-mover ‘elephant in the room’;• ask regulators how investors are helping or hindering their policy reform efforts, and what they expect from PRI signatories;• discuss key regulatory developments, such as the EU taxonomy and the UK green finance strategy.
Satoshi Ikeda, Chief Sustainable Finance Officer, FSA
Moderated by Heather Slavkin Corzo, Head of US Policy, PRIClosing remarks by Will Martindale, Director of Policy and Research, PRI
1B. Boosting investor action to foster a culture of diversity and inclusion With diversity increasingly recognised as beneficial for businesses and in turn investments, this session will identify the lessons learnt and the impact of current initiatives to achieve a more diverse workforce, including: • why investors should care about diversity, and how to think of other strands beyond gender;• how investors can help to drive diversity in investee companies;• how the financial sector can work to eliminate social biases; • the role of legislation in driving diversity.
1D. TCFD: from reporting to using climate-related disclosures
• discuss how to interpret the quality of reporting against indicators based on TCFD;
• establish how useful disclosures are or could be in engaging with corporates and investment strategies; • provide updated analysis on 2019 responses to the PRI climate risk indicators.Francis Condon, Senior Sustainable and Impact Investing Research Analyst, UBSMichèle Lacroix, Head of Group Investment Office, SCOR Hiromichi Mizuno, Board Member, PRICurtis Ravenel, Global Head of Sustainable Business & Finance, Bloomberg Hilde Roed, VP Sustainability, Equinor Moderated by Martin Skancke, Chair, PRI; member, TCFD; board member, Storebrand
16.00 - 17.30
2A. The role of central banks and supervisors in achieving the objectives of the 2015 Paris climate agreementAt the Paris “One Planet Summit” in December 2017, eight central banks and supervisors established a Network of Central Banks and Supervisors for Greening the Financial System (NGFS). Since then, the NGFS has grown to 36 Members and 6 Observers, representing 5 continents. This session will ask:• what is the role for Central Banks in the near-term regarding climate risk?• what are the implications for institutional investors?• how can investors support Central Banks in their climate mitigation activities?
2B. Academic lecture: Carbon pricing in portfolios This lecture will discuss:• how carbon pricing should respond to the four fundamental types of uncertainty; • the components of the risk-adjusted carbon price and the expected discount rate of future damages associated with global warming; • some CAPM analysis of the implication of global warming externalities for trends in climate asset volatility. Rick van der Ploeg, Professor of Economics, University of Oxford
2D. Raising climate ambition through 2020 and beyond Taking stock of the Paris Agreement 2020 country pledges, this session will cover: The Investor Agenda:Xander den Uyl, Board Member, ABPKristian Fok, Chief Investment Officer, CbusModerated by Joy Williams, Senior Advisor, Climate Strategy, Education and Finance, Mantle; Chair, Decarbonization Advisory Panel, New York State Common Retirement Fund
Climate Action 100+:Emily Chew, Global Head of Environmental, Social and Corporate Governance Research & Integration, Manulife Investment ManagementKelly Christodoulou, Listed ESG & Stewardship Manager, Investments, AustralianSuperAnne Simpson, Director of Board Governance and Strategy, CalPERSLaetitia Tankwe, Advisor to the President of the Board of Trustees, IrcantecModerated by Stephanie Maier, Director of Responsible Investment, HSBC Global Asset Management
2F. Artificial Intelligence and ESG: how is technology being used by hedge funds?This session will present the newly established OECD recommendations on artificial intelligence, which contributed to the endorsement this year of the 2019 G20 AI Principles. Additionally, from the World Economic Forum perspective, the session will present what opportunities the use of AI offers to investors and investment managers. A panel discussion will then explore how AI is used by hedge funds to respond to investor demands to consider ESG factors in their investment decisions, covering: • how technology is being used by hedge fund managers, with practical examples;• the governance and ethical issues surrounding the use of these technologies in ESG. Katherine Brown, Head of Sustainable and Impact Investing Initiatives, World Economic ForumRobert Furdak, Co-CIO for Numeric and CIO for ESG, Man GroupDr. Mathilde Mesnard, Deputy Director, Financial and Enterprise Affairs, OECDDr. Marina Niessner, Vice President, AQR Capital ManagementDr. Gareth Shepherd, Managing Partner, G Squared Capital LLP
11.45 - 13.00
3A. The inevitable policy response: Preparing financial markets for climate-related policy and regulatory risks As teenagers march on parliaments, the pressure for climate-related policy increases from all angles – environmental, social and economic. Simultaneously, the levers for action are enabled by advances in technology. A forceful policy response with implications for the real and financial economy is thus highly likely. To prepare markets, the PRI will release a realistic forecast of this Inevitable Policy Response (IPR). This session will profile new research on: • policy levers for the IPR;• the need for business certainty and a just transition; • technology trends as drivers of policy.
3B. The role of finance in human rights: What should investors be concerned about and what can they do? As the investment community increasingly recognises it has a role to play in ensuring that investee companies are addressing human rights issues, this session will:• outline the relevance of human rights due diligence to investors; • explore the avenues through which investors can facilitate real-world positive impact;• discuss how investors can identify and manage potential and actual negative human rights impacts within their portfolios. Barbara Bijelic, Legal Expert, Responsible Business Conduct, OECDSeema Joshi, Director, Global Thematic Issues, Amnesty International Wilhelm Mohn, Head of Sustainability in Corporate Governance, Norges Bank Investment Management Maria Anne van Dijk, Global Head of Environmental, Social and Ethical Risk, ABN AMRO
3D. Active Ownership 2.0: Refocusing on outcomes
In an age of widespread institutional greenwashing, this session will:• present a vision for the future of active ownership, where activity is centred on achieving a sustainable financial system; • discuss the key issues raised and the implications for asset owners, managers and society at large.
14.15 - 15.30
4A. Incorporating the Sustainable Development Goals into investment strategies The SDGs are becoming a well-known acronym in the responsible investment lexicon. But what do investors do once they have mapped their portfolios to the 17 goals? This session will:• explore the role of institutional investors in achieving the SDGs;• give examples of how institutional investors and PRI signatories are working towards the goals.
Moderated by Tycho Sneyers, Managing Partner, LGT Capital Partners
4B. ESG and passive investments: Are they compatible? AUM in ESG passive strategies investments have grown rapidly in the last five years, but there is still debate over whether ESG is compatible with passive investing. This session will: • look at the challenges – and opportunities – in considering ESG issues in passive strategies;• consider the issues relating to index construction; • cover frequently-asked questions about passive ESG strategies, with a focus on how to improve outcomes for asset owners. This will be a workshop-style session, with moderated table discussions.
Salwa Boussoukaya-Nasr, CIO, FRRDavid Harris, Group Head of Sustainable Business, London Stock Exchange Group; Head of Sustainable Investment, FTSE RussellCatherine Howarth, Chief Executive, ShareAction
4F. Investir en Afrique : opportunités et défis pour une finance durable ?Investing in Africa: opportunities and challenges for sustainable finance En partenariat avec Finance for TomorrowPour garantir une croissance africaine inclusive, résiliente et durable, le secteur financier a un rôle clé à jouer. Pour présenter différentes approches et solutions, cette table ronde confrontera les points de vue: • d’établissements financiers publics; • d’un investisseur privé en infrastructure; • d’une place financière qui entend jouer un rôle de catalyseur sur le continent. Boutheina Ben Yaghlane, Directrice Générale, Caisse des Dépôts de Tunisie Ginette Borduas, ESG Compliance Officer, Meridiam
Lamia Merzouki, Directrice Générale Adjointe, Casablanca Finance City AuthorityHerman Nzoundou Bignoumba, Administrateur Directeur Général, Caisse des Dépôts et Consignations du Gabon Abdellatif Zaghnoun, DG, Caisse de dépôt et de gestion du Maroc (CDG) Moderated by Lionel Zinsou, Co-fondateur, SouthBridge (delivered in French, with English translation available)
16.15 - 17.30
5A. ESG in credit risk and ratings: From disconnects to actionAimed at participants with an intermediate knowledge of ESG consideration in fixed income assets, this interactive session will explore:• how ESG in credit risk analysis is evolving;• how ESG factors may affect credit evaluations and investment decisions differently;• practical case studies demonstrating the nuances of ESG assessments.
Mervyn Tang, Global Head of ESG Research, Sustainable Finance, Fitch RatingsModerated by Carmen Nuzzo, Head of Fixed Income, PRI
5B. Innovative investor solutions for the low-carbon transitionAs society adjusts to a world in which low-carbon technologies are becoming the norm, investors too need to adapt in order to survive and thrive. This session will discuss:• key disruptive technology trends, from 3D printing to electric vehicles;• how institutional investors can harness the opportunities of the low-carbon transition;• examples of new technologies and how to tap into their potential.
5F. Finance responsable et formation : quels enjeux et solutions pour les investisseurs institutionnels et détenteurs d'actifs
Responsible finance and education: what are the challenges and solutions for Francophone asset owners?En partenariat avec Swiss Sustainable Finance Ce panel échangera sur le besoin de l’accès à l’information des investisseurs institutionnels francophones , notamment:• Compréhension du rôle des investisseurs dans les marchés financiers • Comment définir une stratégie d’investissement ESG cohérente ?• Comment mettre en place la structure adéquate pour implémenter la stratégie ESG ?Sophie Elkrief, CIO, MAIFAnne-Catherine Husson-Traore, Directrice Générale, Novethic Jean Laville, Directeur général adjoint et Responsable éducation, Swiss Sustainable Finance Moderated by Marie Luchet, Director of Continental Europe, PRI (delivered in French, with English translation available)
09.00 - 10.15
6A. Identifying and measuring company impact – lessons from public markets With the arrival of the SDGs and the Paris agreement, investors are facing more questions on the impact of their investees. As impact investing gains traction in private markets, there are key opportunities for public market investors to share their experience of tracking the impact of portfolio companies. In this session, the PRI, three institutional investors, and the Impact Management Project will:• showcase examples from investors in public markets – focusing on listed equity• outline approaches to measure, manage and report company impact• clarify the impact of companies, using Impact Management Project’s three categories of impact
6B. Ensuring a just transition to a low-carbon economy inclusive of workers and communities The shift to a resilient, low-carbon economy will boost prosperity and be a net driver of job creation. However, there will be transitional challenges for workers, communities and countries if this shift is not inclusive and sustainable. In this session we will discuss:• what a just transition means in practice, focusing on the extractives, power and transport sectors;• how investors can help to ensure that the transition is inclusive and fair; and• how the outlook for a just transition differs across industries. Eniko Horvath, Senior Researcher, Business and Human Rights Resource CenterDelphine Lalu, Secretary, ORSE; Head of CSR, AG2R-La Mondiale; Chair of the Economic Activities Section, Economic, Social and Environmental CouncilNick Robins, Professor in Practice for Sustainable Finance, LSE Alison Tate, Director of Economic and Social Policy, ITUC Mario Tremblay, Chief Regulatory Compliance Officer and Vice-President of Public Affairs, Corporate Affairs and Communications, Fonds de Solidarité FTQ Moderated by Nabylah Abo Dehman, Manager, Social Issues, PRI
6C. Plastic and the circular economy: Connecting the value chain The plastic value chain is extremely complex and changes to the system cannot be made by one player alone. Hosted by members of the PRI Plastic Investor Working Group, this session will explore:• the complexities of the plastic value chain and how it can work with the circular economy vision;• the risks and opportunities at different stages of the plastic packaging value chain for companies and investors; • how to effect positive changes across the plastic value chain.Michiel De Smet, Finance Programme Lead, Ellen MacArthur FoundationAgathe Grossmith, Directrice des projets RSE, Groupe CarrefourPierre Hirtzberger, Directeur Général des Services Techniques, Syctom Gilles Swyngedauw, Marketing, Innovation & Sustainability Vice President, Albéa
Peter Williams, Group Technology Director & Head of Investor Relations, INEOS Moderated by Gemma James, Head of Environmental Issues, PRI
6D. Strategic asset allocation’s big challenges: Plugging the SDG and climate finance gap This session will consider how global themes such as the energy transition, climate-related risk and the SDGs can be incorporated into SAA decisions. Specific areas of focus will include:• whether the SDGs can provide a framework for integrating ESG issues into SAA;• the role of institutional investors in financing the SDGs and the goals of the Paris Agreement; • how this can be done without sacrificing long-term returns.
6F. Devoir de vigilance et chaine d'approvisionnement : enjeux pour les investisseurs responsables
Duty of care and the supply chain: issues for responsible investorsEn partenariat avec le Forum pour l’Investissement Responsable La France s’est doté d’une loi pionnière en matière de RSE : la loi sur le devoir de vigilance. Le premier exercice a montré que les entreprises découvrent le risk management de leur filière d'approvisionnement. Pour les investisseurs le sujet est clé car une partie majoritaire des risques qui pèsent sur les grandes entreprises proviennent précisément de leur chaine d’approvisionnement. Pour éclairer sur ce thème, le FIR a publié en juin 2019 un Cahier sur ce thème. Sabine Castellan-Poquet, Director of Investments, MACIFSophie Gaudeul, Confederal Secretary, CFDT Dominique Potier, Member of the French Parliament Patrick Viallanex, Associate Director, A2 ConsultingModerated by Frédéric Vuillod, Fondateur, Mediatico (delivered in French, with English translation available)
Plenary: The role of finance in addressing social issuesJames Cockayne, Director, Centre for Policy Research, United Nations UniversityJames Kofi Annan, President, Challenging HeightsTimea Nagy-Payne, Founder, Timea's Cause Inc.Dante Pesce, Member, UN Working Group on Business & Human RightsModerated by Fiona Reynolds, CEO, PRI