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8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
1/20
Korea ESG Performa nc e2010
Our future.Your wa llet .
Susta ina b le Investm ent.
http://www.solability.com/8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
2/20
Performanc e o f Korea s 50 most sustainable c om panies vs. KOSPI
01/2010-10/2010: 7% outpe rforma nc e a ga inst the KOSPI
01/2006-10/2010: 72% outperforma nc e aga inst the KOSPI
107.45%
35.09%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
SolAbility 50 KOSPI
16.74%
10.65%
-10%
-5%
0%
5%
10%
15%
20%
Dec-09 Feb-10 Apr-10 Jun-10 Aug-10
SolAbility 50 KOSPI
Why Susta ina b le Investm ent?
Its the PERFORMANCE, stup id!
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
3/20Korea ESG Performa nc e 2010
Andy GebhardtChief Exec utive Offic er
Dear rea de r,
A lot o f wa ter has go ne d own the Han River since SolAb ilitys first c orpo rate sustainabilityassessment of Korean corporations back in 2007 but not only water. Following theglob al financ ial/ ec onom ic c risis and the Korean go vernments subsequent dec larationof green g rowth in 2009 - albe it the green is subjec t to c ontrove rsial disc ussions - w ehave seen remarkable changes in the corporate perception of sustainability and as aconsequence, integration in corporate policies and management systems in a largenumbe r of corpo rations. The c hanging environment has also resulted in a sharp lyinc reasing num be r of sustaina bility pub lica tions and repo rts, making ESG resea rch b othmore interesting and challenging at the same time, requiring analytical focus on keyindustry challenges and opportunities in order to identify outstanding sustainable value.
The results of SolA bility's 4 th ESG assessment shows that the value of sustainablecompanies outperforms the market, both short- and long term, by significant margins.The pe rforma nc e o f a po rtfolio o f lead ing Korean sustainab ility c om pa nies alsooutperforms sustainability benc hmarks suc h as the KRX SRI and the DJSI Korea. While weare naturally proud of outperforming such prestigious benchmarks, the failure of theglobally most recognized sustainability benchmark - indicating that Dow Jones is notallocating sufficient resources to adapting its methodology to the development incorporate sustainability - is of concern in the wider context of further advancingc orpora te sustainability and sustainable investment. The results of SolAbilitys ESGresea rch is proo f that the identifica tion of sustainable va lue is possible.
While the changes observed - particularly since 2009 - are remarkable, only a fewcompany have completely integrated long-term sustainability thinking into strategic
de c ision-mak ing a nd b usiness developme nt fram eworks. It is also nec essary to kee p inmind that the average corporate sustainability level until that point was considerablybe low OECD leve l. In add ition, Korea s ec onomy is mo re energy -intensive than OECDaverage, requiring further and stronger efforts to improve resource efficiency tomaintain competitiveness in light of the nations reliance on energy imports and thelooming prospect of rising energy costs. However, if the current trends of integratingsustainability management is to continue, Korean corporations enjoy a decentpe rspe c tive to sec ure long- term c om pe titiveness.
Yours sinc erely ,
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
4/20Korea ESG Performa nc e 2010 1
SolAb ility is a c onsulta nc y spec ialisingin susta inab ility ma nage me nt a dv ic e, found ed in 2005.
Inte rnat iona lly know c lients a re trusting in SolAb ility'scompetence.
As a UN PRI signatory,SolAb ility a lso p erforms ESG resea rch & a ssessment
on o ver 350 liste d Korea n c om panies and prov ides ESGresea rc h to institutiona l inve stors
Contents
Highlights 1
SolAbility ESG model Cha rac teristic s 2
Tools & proc ess 3
ESG performanc e Short-term 4
Long-term 5
ESG asse ssment review Corpora te Susta inab ility 6
Managem ent & Governance 8
Environm ental Susta inability 10
Human & Soc iety 12
Conclusions 14
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
5/20Korea ESG Performa nc e 2010
2010 Highlights
SolAb ility s yea rly susta ina b ility a ssessment c lea rlyshows that sustainable companies have asignificant better financial performance than lesssustainable companies - both short-term andlong term and proofs that inclusion ofsustainability long-term management yieldsfinanc ia l bot tom line b ene fits.
SolAbility 4 th Korea sustainability assessment,b a sed on a n initia l universe of 350c om pa nies, reve a ls the fina nc ia l b ot tom-lineb enefits of integ ra ted long -te rm susta ina b lemanagement thinking
Three c omp anies, for whic h SolAb ility ha s d esignedsusta inab ility policies, mana gem ent systems a ndimp lem enta tion stra teg y were selec ted to the DJSIWorld - the most p restigious susta inab ility b enc hma rka round the glob e.
Sustainable c ompanies & portfolios outperform
3 c lients selec ted to the DJSI World
Sustainab le com panies outpe rform
1
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
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SolAb ilitys ESG method ology
Identification of key sustainability challenges/opportunitiesfor eac h industry sec tor
Streng th/ wea kness a na lysis of globa l susta inab ilitybenc hm a rks (DJSI, FTS4Good , GRI, UN PRI, Glob a lCompa c t, etc.)
Adaption to the characteristics and corporate culture ofthe Korea n ec onom y
Stric t a na lysis sc hem e a nd c a lc ula tion o f weightings ba sedon botto m-line (financ ia l) imp lic a tions in e a c h industry
Ta king into a c c ount c om p a ny size
Yearly reviewed and refined based on experiences,feedb ac k, and new emerging trends
Ana lyst expe rtise
2
Methodology
Purpose : Ident ific a tion of susta inab le va lueBest-prac tic e ba sed , ad ap ted for Korean c harac teristic s
Universe : 350 Korean c om panies (KOSPI and KOSDAQ )
Characteristics
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
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Assessment Proc esses
The SolAb ility ESG a ssessment c onsists the a pp lic a tion of threetools:
1. Sustainability filter : screening large number of companiesaccording key sustainability indicators to eliminate laggardsfor in-depth Assessment phase.
2. ESG Assessment tool : analyzing and evaluatingsustainability performance based on industry-specificsusta inab ility indic a to rs
3. Verification : investigation of company cases related tosustainability performance through media surveys andgovernment doc uments
Information sources
SolAb ility a c q uires a wide rang e o f informa tion throug h ava riety of c ha nnels suc h as pub lic a nnounc em ents, websites,annual reports, sustainability reports, questionnaires, lawsuitrecords, stakeholder participation issues, media research,e tc .
Syste ma tic , IT-based a ssessment to olsSolving the p uzzle: wide rang e o f informa tion sourc es
Unique e xperienc e
3
Methodology
Tools
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
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Starting universe:350 stoc ksThe lead ing 50 Korea n c om pa nies of the starting universe show a significa nt
outpe rforma nce v s. the Korea Stoc k Performance Inde x
Short-term return of sustainable c om panies
A portfolio of the 50 most sustainable companies (market-cap weighted)
achieved a return of 16.74% from January 2010 to early October 2010. Forthe sa me p eriod , the KOSPI ga ined 10.65%, while KRX a nd DJSI Korea ga inedroug hly 8%.
Data Sources: KRX, Dow Jone s
4
ESG portfolioperformanceShort-term
7.6%
10.4%
16.4%
-15%
-10%
-5%
0%
5%
10%
15%
20%
12/31/2009 3/1/2010 4/30/2010 6/29/2010 8/28/2010
KRX SRI DJSI Korea KOSPI So lAbility 50
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
9/20Korea ESG Performa nc e 2010
Data Sources: KRX, Dow Jone s
Long -term return o f sustainab le c om panies
Susta ina b le c om p a nies eq ua lly ac hieved high returns in the long -term. TheSolAb ility 50 p ortfo lio g a ined 107% ove r 5 yea rs (01/ 2006-10/ 2010), over threetime s higher tha n the Korea Sto c k Excha ng e Index (KOSPI), whic h g a ined 35%.
Due to its global brand name and recognition, both the investment industrya nd co rp ora te ma nag ers ob serve the p erforma nc e a nd co mp osition ofglobally recognized benchmarks. In this context, the failure to identifyoutstanding sustainable value of the global benchmark is of concern and anobstacle to further advance of corporate sustainability and sustainableinvestment.The So lAbility a ssessmen t p roofs tha t susta inab le va lue c an b e ide ntified .
5
ESG portfolioperformanceLong-term
47.7%
33.9%
106.6%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
January-06
July-06 January-07
July-07 January-08
July-08 December-08
July-09 December-09
July-10
DJSI Korea KOSP I SolA bility 50
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
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Development of dimension scores
30
35
40
45
50
55
60
2007 2008 2009 2010
Economic Environment Social
Overall Sustaina bility Performanc e
6972 75
45 4851 53
72
0
20
40
60
80
2007 2008 2009 2010
Best Av erage
The overa ll susta inab ility level of Korea ncompanies is improving every year.However, top-performing companiesadvance faster than the average,implying that high-performingcompanies have further strengthenedthe ir susta inab ility leve l while aconsiderable number of companiesare still reluctant to fully integratesustainability management beyondcompliance as a strategicma nag ement fram ework.
The level of environm ent a l rep ortinghas improved dramatically, whileeconomic reporting has beenstationary, and social reporting mostlyremains limited to the areas of HumanResources Development and socialcontributions.
Visible improvements in terms ofsusta inab ility performa nc e a re see n inthe environmental and social sectors.The ave ra ge environme ntalperformance has improved by 12%compared to last year, and socialpe rforma nc e b y 6%. On the othe r hand ,the economic performance hasimproved by only 1%, but remains thehighe st ave rag e p erformanc e.
While a significant number of Koreancorporations are now introducing
sustainability management, theproportion of sustainably managedcompanies is still somewhat belowOECD levels.
Corporate SustainabilityPerformance
Developments
6
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Sustaina b ility Performa nce b ySector
65
69
64
63
62
64
66
61
66
66
64
70
75
47
48
48
49
50
50
50
51
54
54
54
55
65
0 20 40 60 80
Consumerservices
M etals
Ho lding &Trading
Consumer
goods
Construction &materials
Financials
Energy &chemicals
Transport
Industrials
Utilities
Parma &Cosmetics
Communication
Electronics
Be st C om p a n y In d ust ry Av e ra g e
SolAb ility c a tego rizes c om p anies b y 13sectors (composed of 29 industries,according the main business line) toallow for sector comparisons.
The industry sc ores of Elec troniccompanies are outstanding comparedto other industries. The sc ore ga pbetween Industry Best and IndustryAverag e ha s a lso na rrow ed .
The most yea r-on-yea r improved
industry is the Construction &Construction Materials sector, with theperformance improved by 8.5%c om pa red to last year.
On the other hand, industries such asHold ings & Trad ing , Steel & Me ta l,Me d ia, Leisure & Servic es arecharacterized with low sustainabilitylevels compared to other industries,improved by only 1.4% from last yearsscore.
For Ste el/Me ta l ind ustries, the re is alarge score gap between Industry Bestand Industry Average, reflecting thephenomena that leading companieshave been consistently improving theirpe rforma nc es while the c om p anies notor less exposed to global markets arenot actively involved in sustainability
management .
Corporate SustainabilityPerformance
Sec to r trend s
7
8/8/2019 ESG & Sustainable Investment Performance - the case of Korea
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Economic Sustainability Performanc e
71 7475
51 52 54 54
72
0
20
40
60
80
2007 2008 2009 2010
Best Av era ge
C
Econo mic Criteria performance
59
47
48
65
55
54
46
44
63
56
52
44
41
59
54
48
44
41
57
51
20 40 60 80
Brandmanagement
Sustainabilitystrategy
Riskmanagement
EthicalM anagement
CorporateGovernance
2010 2009 2008 2007
Management &GovernanceDevelopments
The susta inab ility leve l of t he e c onom iccriteria has not shown any significantchanges, with a minor improvement of1.53% compared to 2009 last yearsperformance.
The c orporat e go vernanc e sc orerem a ined a t 2009 leve l, with the knowweaknesses of Chaebol boardstructure in terms of professionalism,indep ende nce bo ard effec tivenessstill witnessed today. Transpa renc y
has wea kened due to the de regulationof c orpo ra te d isc losure req uirem ents.
The m ajority of c om panies haveestablished ethical managementsystem and reinforced monitoring, butthe number of non-compliancesreported such as price fixing practicehas not dropp ed .
Risk management performance hasimproved, reflecting companys effortsto better predict future risks and turnthem into business opportunities.Nevertheless, domestic companys riskma nage me nt is still below glob a l leve l.
Korea n c om panies have stea d ilyimproved in the areas of R&D, brandmanagement, and innovation.However, there is still room for
improvement in the areas ofintegrating sustainability managementstrate gy in m ana ge me nt thinking.
8
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Governanc e & Ma nag ement by
Sector
60.9
68.7
73.9
58.8
64.5
59.7
64.2
64.6
62.7
63.7
67.7
71.0
75.3
47.4
50.3
51.2
52.5
52.7
52.8
53.9
54.6
56.1
56.9
57.7
60.0
60.4
0 20 40 60 80
Energy &chemicals
Ho lding &Trading
M etals
Transport
Industrials
Construction &materials
Consumerservices
Consumergoods
Parma &Cosmetics
Utilities
Electronics
Financials
Communication
Be st C om p a n y In d ust ry Av e ra g e
Management &Governance
Sec to r trend s
Communication, financial, andelec tronic ind ustries a re a ssoc ia tedwith high sustainability level comparedwith other industries.
The industries with the grea te stimprovement are Food & Beverages(+6.8%) and Construction/Materials(+6.3%). Particularly in the Construction& Materials industry, a significantnumber of companies have newlypublished sustainability reports.
Even though the industry averages ofHold ing s& Trad ing and Ste el & Met a lhave improved, the sustainability levelsare still low compared to otherindustries.
9
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Environmental Sustainability Performance
7781
86
3841
4450
81
0
10
20
30
40
50
60
70
80
90
2007 2008 2009 2010
Best Av erage
Environmental c riteria performanc e
45
71
72
49
41
41
58
70
37
34
33
57
68
31
31
30
49
61
25
27
20 30 40 50 60 70 80
Greenbusiness
development
Wastemanagement
& recycling
Chemicalsubstance
management
Carbon riskmanagement
Environmentalreporting
2010 2009 2008 2007
c
Environ mental criteria performanc e
45
71
72
49
41
41
58
70
37
34
33
57
68
31
31
30
49
61
25
27
20 30 40 50 60 70 80
Greenbusiness
development
Wastemanagement
& recycling
Chemicalsubstance
management
Carbon riskmanagement
Environmentalreporting
2010 2009 2008 2007
Average environment performanceshowed the largest increase, risingby11.95% compared 2009, indicatingthat Korean companies have wokenup to the challenge of global climatechange and the prospect of highene rgy c osts.
Average environment reportingimp rove d by 21.27% due to theincreased number of companiesdisclosing environmental information.
Carbon Risk Management increasedby 32.41% due to efforts to improveenergy efficiency and establishingGHG invento ries.However, considering Koreas 97%reliance on energy imports and theenergy intensity of the economy(considerable above OECD average),efforts undertaken so far are still highlyinsufficient to secure futu recompetitiveness.
Waste management improved by23.11%. Adapting LCA, wasteminimization in the production stageand recycling account for thisdevelopment.
Green business lines saw a surge of10.15%, reflecting the fact that
c om pa nies are sta rting to de velop newbusiness line s (p rod uc ts & services)related to clean-tech and greengrowth
EnvironmentalSustainability
Developments
10
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Environmental Ma nag am ent &Performance
67
66
64
60
69
64
65
73
75
70
78
72
86
31
37
43
47
51
53
53
54
54
55
57
59
73
0 20 40 60 80
Consumerservices
Financials
Ho lding &Trading
Construction &materials
Communication
Transport
Consumergoods
Parma &Cosmetics
Energy &
chemicals
Metals
Utilities
Industrials
Electronics
Be st C omp a ny Ind ust ry Av e ra ge
EnvironmentalSustainability
Sec to r trend s
The a ssessment reve a ls Significa ntdifferences between the differentindustry sec to rs in environmentalsustainability performance. While somesectors improved by nearly 30%compared to 2009 levels, other sectorsremain at the same level of previousyears.
High ranking sec to rs inc lude Elec tronics,Ind ustria ls, Utilities (ma nufac turingindustries and other industries subject to
environme nta l regulation). The wastemajority of Electronics, Industrialcompanies are pursuing environmentma nage ment, and invest to reduc eenergy usage, green house gases,wa ter usa ge a nd w aste.
The c onstruc tion & ma te ria ls (+31.7%)and Consumer goods industry (%28.7%)showed the highest progress rate year-on-year.
The Pha rma c eutic a l & Co sme tic sindustries and service providersimproved only marginally. Within thesesec to rs, only few c om p anies imp lem entenvironment management systemswithout reg ula to ry requirem ents.
11
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Soc iet a l Susta ina b ility Performa nc e
68 7072
4147 49
52
69
0
20
40
60
80
2007 2008 2009 2010Best Av e ra ge
Social criteria performance
60
74
45
42
54
47
57
71
44
38
50
42
54
70
44
35
46
43
52
64
42
26
39
34
20 30 40 50 60 70 80
Supply chainmanagement
OHS-M anufacturers
Corporatecitizenship
HRcompensation
HRdevelopment
Stakeholderengagement
2010 2009 2008 2007
Soc ial criteria performance
60
74
45
42
54
57
71
44
38
50
54
70
44
35
46
52
64
42
26
39
20 30 40 50 60 70 80
Supply chain
management
OHS-M anufacturers
Socialengagament
Incentivesystems
HRdevelopment
2010 2009 2008 2007
Human & Soc ietyDevelopments
With an increase of 6.3%, societalperformance showed generalimprovements across all sectors,exhibiting a tendency of gradualimprovement.
HR development increased by 8.82%yea r on ye a r. This ind ica te s thecorporate realization of theimp orta nc e of HR ma nag em ent toimprove global competitiveness by
attracting and retaining the best staffand streng thening inte rna l tra ining.
Soc ia l ac tivities and c ontributionsremain at a similar state compared to2009. While social activity rates aregenerally increasing, companies maynot have a formulated strategy forsocial activities and alignment ofstrategic c orpo ra te c itizenship ac tivitieswith core business capabilities
Supp ly Chain Mana ge me nt and OHSmanagement exhibit gradualdevelopment. In particular, themanufacturing sector has beenemphasizing win-win and togethergrowth as well as green purc hasing .However, supply chain managementsystem a t most c om panies a re fo c usedon domestic suppliers at this point in
time a nd fail to rec og nize supp ly c hainrisks in less deve lop ed markets
12
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Human & Social Considerations
57
59
66
63
60
64
68
67
63
71
69
70
72
46
48
48
49
50
51
51
53
55
56
57
57
65
0 20 40 60 80
Transport
Ho lding &Trading
Consumerservices
Financials
Consumergoods
Energy &chemicals
Metals
Industrials
Parma &Cosmetics
Communication
Utilities
Construction &materials
Electronics
Be st C om p a n y In d ust ry Av e ra g e
Human & Soc ietySec to r trend s
Susta ina b ility performa nc e of Soc ietyc riteria showe d c om pa rab ly eq uivalentprogress amongst industry sectors dueto imp roved ma nag eme nt system srelated to HR development andincentive systems.
Again, the field is lead by Koreas mostknow export sector the electronicsindustry.
Compared to 2009, significant
imp rovem ent w ere m ad e in the Stee l &Me ta ls (+16.4%), Utilities (+14.8%), a ndIndustrials industries (+12.6%). Thisindicates that more and morecompanies make active efforts toimp rove OHS performa nc e a nd Supp lychain mana gement
Ave ra ge Consumer Service s andHolding & Trad ing p erforma nc e rema inat c om pa ra ble low levels.
13
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Increa sing recog nition of the business va lue of sustainab ility manage ment
But limited imp lementa tion in terms of stra teg ic business de velopm entLarge differenc es betwe en sec tors, and within sec tors
Increased rec og nition of sustainab le m ana geme nt for business va lue
The inc rea se In average ESG p erforma nc e sc ores reflec t the sp read of inte rest a nd
recognition for sustainability in Korea following the financial crisis 2008/2009 and thego vernment s strate gic foc us on green g rowt h . The numb er of c om pa nies that haveactively reviewed their management systems in light of sustainability integration hasac c elerat ed rem arkab ly sinc e 2009. Given tha t a large numb er of Korea n c om pa niesare currently undergoing internal sustainability reviews, further rise of the averageKorean susta ina b ility p erforma nc e is expe c ted . Along with integ rat ion o f susta inab ilityconsiderations in policies and management systems, the number of companiesd isc losing susta inab ility p erforma nc e and informa tion ha s inc rea sed rap id ly. How eve r,while the developments have been encouraging, only few companies haveformulated long-term strategies that integrate not only operational issues andconsiderations, but also strategic, long-term business development considerationsba sed on susta inab ility trend s.
Imbalance of sustainability levels amongst Industry sectors
Export-focused companies, namely in the manufacturing industry sectors such aselectronics, automobiles, and ship-builders are leading Korean companies in terms ofc orpo rat e-wide efforts to imp rove c orpo ra te susta ina b ility level a s a me ans of sec uringfuture c om pe titivene ss. In c ont ra st, industry sec tors foc used on d om estic dem and suc h
as finance and service sectors have been more reluctant in embracing sustainabilityma nag em ent until rec ently.
14
Conclusions
Corp ora te Susta ina b ility
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High sustainab ility performa nc e equals high financ ial returns and stab ility
SolAb ility's ESG assessment results p roof tha t susta inab le c om pa nies ac hievesignific a ntly higher returns tha n the av erag e investment ove r bot h short-term a nd long
term periods. Despite the sharp fluctuations in the stock markets during 2009-2010, it isobserved that the market value of sustainable companies was less elastic on thedow nturn com pared to othe r comp a nies. This ob servation strong ly supports the c la imthat sustainability brings companies higher returns in times of prosperity and moresta b ility in times of dep ression. Considering the g row ing unc ertainty in the d om estic ang loba l ec onom y, susta inab ility is now a MUST HAVE for a c om pany s long -term b usinesssuc c ess.
Global sustainab ility be nc hma rks
While w e a re p roud to outp erform the globa l benc hma rk, the SolAbility brand c arriesonly limited weight. In the wider context of advancing corporate sustainability andsustainable investment, it is paramount that the global benchmark is capable ofidentifying o utsta nd ing susta inab le value. The c urrent fa ilure to do so is an ind ic a tion ofinsufficient allocation of resources to adapt the research to the developments inc orpo ra te susta inab ility and ne ed s to b e a dd ressed urge ntly.
Sustainab ility ma nagement as c ore ma nage ment princ iple
Despite all the positive developments, sustainability management is still only partiallyrec og nised a s a c ore ma nag em ent p rinc iple a nd strate gic business de velopm ent to ol,and is not fully reflected in corporate culture. Korean companies need to considersustainability issues from the highest decision-making levels in order to secure futurecompetitiveness.
15
Conclusions
Susta ina b le Performa nc e
Sustainable c om pa nies outpe rform the m arket
Sustainab ility need s to be integrated further to sec ure long -term c om petitiveness
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Korea ESG Performa nc e 2010
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