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Journal of Sustainable Finance & BankingSM
April 2014
©ssuaphotos/Shutterstock
Global Markets Strategy Global Markets Regional Equity Strategy Model Michael Geraghty … p.19
Global Sector Research Unleashing Impact Capital into Public Infrastructure and Building Projects John Williams … p.25
Smart Grid Infrastructure M. Pirovska, PhD & M. Shavel, CFA … p. 27
Building Sustainable Cities with New Design Processes and Open Data Brian Young … p.31
Social Stock Exchanges: Democratizing Impact Investing Durreen Shahnaz … p. 33
Transportation Facilities Focus on Sustainability Anthony Bernheim … p.40
Open Source Excellence Maersk: Sustainability as a Driver for Growth John Kornerup Bang & Annette Stube … p.42
Regional Imperatives Infrastructure Imperatives Drive Regional Competitiveness Marty Janowitz … p.45
Enhanced Analytics Filling the Infrastructure Data Gap in Impact Investing John Williams … p.49
Using Established Tools to Achieve Infrastructure Projects Valuation & Risk Assessment John Parker … p. 52
Accelerating Impact New Tools, New Tricks: Emerging Applications Are Becoming Game Changers Ryan Meyers … p.54
Sustainable Standout Trinity River Vision Authority Applies Sustainability Rating & Business Case Analysis M. Wilkins & K. Shepherd … p.56
San Diego Int’l Airport Named First LEED Platinum Certified Commercial Airport Terminal Jim Grant … p. 59
CEOs Letter on Sustainable Finance & Banking
Erika Karp Founder and Chief Executive Officer of Cornerstone Capital Inc. and Former Head of Global Sector Research at UBS Investment Bank
This month in the “Cornerstone Journal of Sustainable Finance & Banking” (JSFB), we take the opportunity to focus on the theme of “Infrastructure.” While global markets are in the thick of earnings reporting and proxy season, and investors absorb a raft of global manufacturing data showing growth differentials, we consider “Infrastructure” in its many manifestations. In fact, we would argue that the governance structures that contribute to the current environment for everything from technology sector valuations to pharmaceutical sector activism, need to be carefully scrutinized. Further, we argue that a great deal of insight can be drawn from one of the world’s great statesmen: Winston Churchill.
We begin this edition of the JSFB with our “Featured Domain,” which is ChurchillsVoice.com. In the mid-1940’s after the Battle of Britain when the House of Commons was being rebuilt following the bombings, Winston Churchill made the statement “We shape our buildings; thereafter they shape us.” In this article, we consider this comment in the context of business and resource allocation decisions and the “sunk cost” theory of economics. We argue that investment analysis can be enhanced by a heightened consciousness of the mental infrastructure governing our decisions. Despite the world having spent trillions of dollars on the current fossil-fuel based economy, the only rational course is to consider the future costs which are those relevant to investment decisions ahead.
Speaking of investment decisions and the frameworks for making them, with this edition of the JSFB we are pleased to introduce the Cornerstone Capital Global Markets Regional Equity Strategy Model from our Global Markets Strategist Michael Geraghty. In this report, Michael employs a quantitative multi-factor methodology to generate our Regional recommendations. In particular, we note that our process explicitly takes into account Corporate Governance metrics by Region. As the world watches Brazil face a massive test of its infrastructure with the 2014 World Cup and the 2016 Olympics, Michael walks through our investment methodology and framework. Based upon an unfavorable ranking in terms of the three metrics of valuation, earnings and corporate governance, on a relative basis to other regions of the world, LatAM is not currently among our preferred destinations for capital.
Turning now to the work of our partner John Williams of Impact Infrastructure LLC, we highlight a series of articles which explicitly address numerous areas of Infrastructure. In particular, in our Global Sector Research (GSR) section, John offers a perspective on the current state of America’s critical infrastructure and
Cornerstone Journal of Sustainable Finance & BankingSM / April 2014 / 2
the $2.2 trillion required over the next several years simply to close the maintenance gap. In this edition of the JSFB, John delineates some of the barriers to financing Infrastructure projects. Throughout the Journal, we engage colleagues including planners, engineers and program managers to shed light on trends and tools that can be used by capital markets participants from bankers to investors as we strive to “Unleash Impact Capital into Public Infrastructure and Building Projects.”
Also included in the GSR section of the report, our Analysts Margarita Pirovska and Michael Shavel look at the 21st century transformation underway towards Smart Grid Infrastructure. The team highlights the differences between the old utility model and the new smart-grid model. While discussing the changing roles of suppliers and customers in the development of distributed generation, they address investment opportunities ahead from both the supply side (e.g. smart metering and distributed automation from companies like ABB), the demand side (e.g. energy and building efficiency of companies like Johnson Controls), and the utility sector itself.
Within Infrastructure, we turn to an article from Autodesk’s Brian Young discussing how to model, analyze and build Sustainable Cities. He addresses how data is used to translate costs, risks and performance information into business cases with the potential to maximize societal value. We also present an article recently published about a critical piece of infrastructure in the Financial sector as Durreen Shahnaz discusses Social Stock Exchanges that can “democratize impact investing.” And further this month we turn to the Transportation industry with a piece from Anthony Bernheim addressing what facilities will look like in the decades ahead.
Speaking of Transportation this month, we include an article in our “Open Source Excellence” section from Annette Stube and John Kornerup Bang of A.P. Moller-Maersk. Annette and John clearly highlight how “sustainability adds value if it is tied closely onto the business and allows for a longer term perspective on material matters.” Companies such as Maersk, strive to deploy their knowledge and competencies to help drive the global trade agenda and simultaneously unlock growth for society and the company.
Also in the JSFB, we offer a number of reports addressing “Regional Imperatives” and “Enhanced Analytics,” which can be understood and employed as we recognize the interrelated and integrated systems that underpin the world’s infrastructure. Marty Janowitz of Stantec discusses regional competitiveness; John Williams highlights exciting progress on our ability to gather transparent, objective, comparable and affordable investment information; and John Parker also of Impact Infrastructure LLP stresses the potential benefits from combining Cost Benefit Analysis (CBA) with Building Information Modeling (BIM). And, as we at Cornerstone Capital Group look for ways of “Accelerating Impact”, we highlight the work of colleagues like Ryan Meyers, who offers new tools to drive infrastructure investing.
Cornerstone Journal of Sustainable Finance & BankingSM / April 2014 / 3
Finally this month, we offer a couple of “Sustainable Standouts” including Stormwater Management at Panther Island in Texas and Airport Terminal Excellence in San Diego, California. We look to other Regional Imperatives including access to clean water in Kenya and how Social Impact Bonds offer a promising outlook. And we offer perspectives from recent events around both our financial and healthcare “infrastructure.” As referenced at the very start of this letter, we define infrastructure as incredibly broad, complex and deserving of the extensive attention we offer it in this edition of the Cornerstone Journal of Sustainable Finance & Banking.
My sincere regards, Erika
Erika Karp Chief Executive Officer
Cornerstone Journal of Sustainable Finance & BankingSM / April 2014 / 4
Table of Contents
CEOs Letter on Sustainable Finance and Banking p. 2
Market Summary Overview Market & Global Sector Performance, Monetary Policy & ESG Data
p. 7p. 9
Featured Domain ChurchillsVoice.com Erika Karp CEO & Founder,
Cornerstone Capital p. 17
Global Markets Strategy Introducing the Cornerstone Capital Global Markets Regional Equity Strategy Model
Michael Geraghty Cornerstone Capital Global Markets Strategist
p. 19
Global Sector Strategy Unleashing Impact Capital into Public Infrastructure and Building Projects
John Williams Chairman & CEO, Impact Infrastructure LLC
p. 25
Smart Grid Infrastructure – Status, Opportunities, and Risks
Margarita Pirovska, PhD
Michael Shavel, CFA
Policy & Sustainability Analyst, Cornerstone
Capital Research & Business Analyst, Cornerstone
Capital
p. 27
Building Sustainable Cities with New Design Processes and Open Data
Brian Young Sustainable Infrastructure Program Manager at
Autodesk Inc.
p. 31
Social Stock Exchanges: Democratizing Impact Investing
Durreen Shahnaz Founder and Chairwoman, Impact Investment
Exchange Asia (IIX)
p. 33
Transportation Facilities Focus on Sustainability at Billion Dollar Scale.
Anthony Bernheim, FAIA, LEED Fellow
Principal & Director of Sustainability, Bernheim +
Dean Inc.
p. 40
Open Source Excellence Maersk: Sustainability as a Driver for Growth Annette Stube
John Kornerup Bang
Head of Group Sustainability, A.P. Moller
– Maersk A/S
Head of Positioning & Strategic Risk
Management, Group Sustainability, A.P. Moller –
Maersk A/S
p. 42
Regional Imperatives Infrastructure Imperatives Drive Regional Competitiveness
Marty Janowitz Vice President, Sustainable Development,
Stantec
p. 45
Enhanced Analytics Filling the Infrastructure Data Gap in Impact Investing John Williams Chairman & CEO Impact
Infrastructure LLC p. 49
Cornerstone Journal of Sustainable Finance & BankingSM / April 2014 / 5
CBA-BIM (Cost Benefit Analysis and Building Information Modelling) Using Established Tools to Achieve Standard for Infrastructure Project Valuation and Risk Assessment
John Parker Chief Economist, Impact Infrastructure LLC
p. 52
Accelerating Impact New Tools, New Tricks: How Emerging Applications are Becoming Game-Changers for Impact Investors and Infrastructure Development
Ryan Meyers Product Manager, Impact Infrastructure LLC
p. 54
Sustainable Standout Trinity River Vision Authority Applies Sustainability Rating and Business Case Analysis to Set Stormwater Management Principles
Mikel Wilkins
Kevin Shepherd
Environmental Engineer & Stormwater Management
Specialist, VERDUNITY
Principle, VERDUNITY
p. 56
San Diego International Airport Named First LEED Platinum Certified Commercial Airport Terminal
Jim Grant Energy and Fueling Systems Director, HNTB
Corp.
p. 59
Increasing Access to Clean Water in Kenya: The Case for a Social Impact Bond
Virtual Attendance WCX Finalizes Project Principles and Standards
Claire Champion
Clemence von der Schulenburg
Chris Taylor
President of Co-Emergence
Finance Director of Co-Emergence
Executive Director, West Coast Infrastructure
Exchange
p. 62
p. 66
Cornerstone Roundtable Discussion on the Global Pharmaceuticals Industry
Michael Geraghty Cornerstone Capital Group Global Markets Strategist.
p. 69
Upcoming Events Global ESG Calendar p. 73
Journal of Sustainable Finance & Banking Subscription Form Articles Cornerstone Capital Team
p. 74
p. 76p. 77
Cornerstone Journal of Sustainable Finance & BankingSM / April 2014 / 6
Global Sector Strategy / Infrastructure
Unleashing Impact Capital into Public Infrastructure and Building Projects
By John Williams, Chairman & CEO, Impact Infrastructure LLC
© StockThings/Shutterstock
Our national economy is in a world of hurt when it comes to its very foundation: the public infrastructure and buildings that enable and support economic activity. Bridges, highways, transit, energy, and environmental infrastructure as well as social infrastructure including healthcare, education and administration buildings are no longer sufficient to provide the competitive advantage we have been used to in regional and even global trade. Make one trip from New York’s JFK or from Los Angeles LAX to Tokyo or Beijing and you will get it. Capacities are strained, facilities are crumbing. Congress is only motivated to cut investments that will reduce decay. With each year of neglect, the problem grows worse. According to the American Society of Civil Engineers, investments of more than $2.2 trillion are required over the next several years just to close the maintenance gap. For several years now, beginning with the 2008 recession, lawmakers have been hoping that the private sector including ESG, SRI and Impact investors would somehow step in to fill the investment gap. Prequin, an infrastructure data provider, reports that the eight largest U.S. based institutional investors, including CALPERS and TRS, have a target total allocation for infrastructure investment of more than $20 billion. No wonder, as the unique characteristics of infrastructure projects including long term, stable yields, low-market risk correlation, and inflation protection offer plenty to pension fund investors. Demand for investment opportunities is on the rise. An allocation of $20 billion could be easily consumed (and much more) if it weren’t for a few well-known barriers to unleashing impact capital into infrastructure projects. They include:
• the cost of impact capital as compared to tax exempt bonds, which dominate infrastructure funding;
• lack of standard metrics and analytical tools that can be used to assess risk adjusted value or, impact, associated with infrastructure projects making due diligence time consuming and expensive; the relatively small size of projects often ranging from $5m to $100m that make financing inefficient unless projects can be bundled; and
• the challenge of comparability among disparate projects.
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 25
John Williams is the Chairman & CEO of Impact Infrastructure LLC. He has over 33 years as an advisor to infrastructure development programs and 16 years as a principal owner of an international architecture and engineering company.
This issue of The Cornerstone Journal of Sustainable Finance & Banking is focused on the challenge of financing sustainable infrastructure and specifically the four barriers listed above. We have turned to professionals that bankers and finance specialists often overlook as they prospect at the finance – or downstream end - of the project pipeline. These professionals dominate the space at the other end of the pipeline and include the planners, engineers, architects and program managers that come on the scene first, leave last and work closest to project sponsors. They have access to a host of project information as they guide sponsors to delivery approaches that can either set the stage, or stand in the way of private financing once the bankers come on the scene. This issue will shed light on how these professionals and the array of tools at their disposal can close the information gap that is the common denominator behind financing barriers. Readers will gain a feel for the magnitude of capital programs, their relationship to regional and global competitiveness, trends in green investing and tools that harvest data have proven valuable in due diligence within state-of-the-art building information modelling. These professionals and tools could be the answer to many of the current challenges. By highlighting these key players that are available through, and at the expense of project sponsors, our audience can see sources of comprehensive valuation data that will help financing teams unleash impact capital into public infrastructure projects.
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 26
Enhanced Analytics
Filling the Infrastructure Data Gap in Impact Investing
By John Williams, Chairman & CEO, Impact Infrastructure LLC
1 OECD Newsroom, Massive infrastructure investment needed to meet future demand says OECD, 05.03.2012 2 ACEC2013 Report Card for America’s Future 3 The Foundations of a Competitive Canada: The Need for Strategic Infrastructure Investment, December 2013 4 Global Pension Asset Study 2013 Towers Watson 5Ibid
©phipatbig/Shutterstock
Competing for Resources The OECD estimates USD $53 trillion in investment or the equivalent of an annual 2.5% of global GDP by the year 2030, to meet demand for infrastructure investment by 2030.61 According to ACEC, a $3.6 trillion investment is needed by the year 2020 in the U.S. alone,72 and the Conference Board of Canada recently stated that, “Canada needs to invest at least $293.8 billion in electricity infrastructure between 2010 and 203083. Those numbers are so large and intimidating that most people are tempted to ignore them with hopes they will go away. Public sector budget shortfalls and a lack of willingness to address funding through legislative measures will make the situation worse with failures looming on the horizon. One potential solution exists within the impact investing community which controls more than $29 trillion worldwide94. Roughly 56 percent or $16.24 trillion of that capital is from the U.S105, alone. Impact Investors have a growing interest in making long-term commitments to infrastructure and public building projects. Yet impact capital has not made significant progress in finding its way into these projects. One of the primary reasons is the lack of transparent, objective, comparable, and affordable investment information. That information is needed to decide whether to invest. Determining project value (including environmental, social and economic impacts) and risk is essential to the due diligence process. The information gap is also a barrier to success in winning public sector, merit-based funding. Project sponsors are used to formulate grant programs and are just now coming up to speed in articulating business cases needed to demonstrate and compare the value of merit with disparate competing projects. The good news is that things are changing rapidly, and soon, project sponsors will be making their cases for merit funds and private impact capital. They will be basing their case on the comprehensive value of
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 49
6 A distinction should be make between public private partnership (P3) or alternative procurement “Value for Money” (VfM) and overall value for money. VfM is a narrow concept that compares alternative procurement with traditional public sector build, own and operate. Overall value for money looks not just at the procurement but at the value of the project to the sponsors, the public, the environment, investors, etc. Rather than answering the VfM question of “Is this the best procurement method for the project?”, the overall value for money analysis answers the questions “is this the right project?”, “is it done right,” and “what’s in it for me?”
John Williams is the Chairman & CEO of Impact Infrastructure LLC. He has over 33 years as an advisor to infrastructure development programs and 16 years as a principal owner of an international architecture and engineering company.
cash as well as internal/external costs and benefits that are adjusted for risk to determine overall value for money.116 That value can be assigned across a range of stakeholder beneficiaries to address the interests of most of the entities that can make or break a project. Information Needs During times of scarce resources, there is intense competition. Value and risk information is needed to answer stakeholder questions. Credible input data is essential to building support and moving up the prioritization list. Capturing that data will require the use of existing, standardized tools that can be affordably harnessed and then applied early and often throughout a project’s life to provide relevant decision support information. Universally recognized Cost Benefit Analysis (CBA) is the best starting point. CBA is a standard approach to economic valuation used frequently in custom assessments associated with infrastructure projects. Custom studies are often commissioned via consulting economists who reinvent the wheel as they assess specific projects. Custom studies are expensive, and inherent “tweaking” make them difficult to compare. As a result, they are done early in the project development process to sell a project during concept stage. Once the project is sold, they are generally placed on a shelf and ignored as decisions are made that actually define and deliver final projects. CBA has been a proven tool in the quest for merit funding. Work has been done to create sector specific metrics (i.e., energy, transportation, water, social infrastructure including healthcare, military and educational facilities) that run in conjunction with an analytic engine that is “powered” by CBA and probabilistic analysis. AutoCASETM (automated business case) is a software plug-in solution that runs in conjunction with Autodesk project simulation and visualization tools used by millions of planning and design professionals around the world. Together, the metrics and engine run to translate tangible and intangible costs and benefits to risk adjusted monetary units that assign value by specific groups of stakeholder beneficiaries. For example, the Trinity River Visioning Authority recently completed a project working with consulting firm VERDUNITY, the Institute for Sustainable Infrastructure’s EnvisionTM. Sustainable Infrastructure Rating System,
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 50
and the Business Case Evaluator economic companion tool and AutoCASETM. Using these tools, they were able to compare a range of low impact development scenarios with traditional “grey” infrastructure to craft comprehensive business cases for each alternative. In Pima County and the City of Tucson, Arizona, stormwater managers and transportation planners are using AutoCASETM with Autodesk’s Civil 3D infrastructure design software to inform new planning guidelines that will subject infrastructure alternatives to comprehensive business case analysis. Reducing the Due Diligence Burden Professionals charged with overseeing investments of impact capital have been discouraged by the effort required to complete the due diligence process. They have struggled with quantifying the value and risk associated with specific projects. In addition, they have found the average project size well under the dollar amount needed to efficiently finance in the marketplace. By using standard CBA and probabilistic analysis tools, sector specific metrics, and recognized building information modeling (BIM) software, project sponsors can reveal impact value while supplying information that reduces the due diligence burden. At the same time, they can increase project comparability that can aid in bundling disparate projects. These three benefits will go a long way to making infrastructure projects attractive investments for impact capital. Further, by answering the “What’s in it” questions, they can reduce the risk of project delay through deal balancing and the allocation of financial and sustainable returns on investment. Making the Case Transparent, objective, credible and comparable value and risk assessments are key to making the case impact capital. Assessments should begin as early in the project development process as possible and continue through each stage of planning, design, construction, and operations in order to benefit from increasing levels of detail as decisions are made and implemented. Baseline data and the resulting decision support information from the business case will provide a foundation for performance measurement, monitoring and reporting throughout the entire life cycle. Those project sponsors who understand and articulate the full value and risk associated with their projects will realize an advantage in the competition for impact capital. Overtime, as comprehensive business cases become more common, users will realize additional benefits as projects are bundled and systems are managed on a basis of value for money as compared to other investment options.
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 51
Upcoming Events
Global ESG Calendar
Date/Time Event Location Information
4.29.14 1st EFFAS Int’l Conf. Taking ESG into Account – TESGIA Cornerstone Speaking Event
BM&F Bovespa, Sao Paulo Brazil
http://cornerstonecapinc.com/wp-content/uploads/2014/03/ESG-Agenda-preliminary-2014-03-31.pdf
4.29.14 – 4.30.14 Impact Capitalism Summit Chicago, Il http://www.impact-capitalism.com/
4.30.14 – 5.1.14 Ceres Conference 2014 ‘The Future is Now’
Westin Waterfront Boston, MA U.S.A.
http://www.ceres.org/conferences
5.7.14 MiljoAktuellt Sustainability Day 2014 Cornerstone Speaking Event
Stockholm, Sweden http://miljoaktuellt.idg.se/2.33659/1.549786
5.7.14 – 5.9.14 Council of Institutional Investors Spring Conference: Building Momentum
Washington D.C. http://www.cii.org/
5.8.14 Responsible Endowments Coalition 10th Anniversary Celebration
New York N.Y. http://www.endowmentethics.org/rec10event
5.9.14 PRI in Washington D.C.: Member Hosted Session at CII 2014 Spring Conference
Washington D.C. http://dotmailer-surveys.com/b51pce4d-4cs9ecb
5.13.14 – 5.14.14 The Conference Board Sustainability Seminars Cornerstone Speaking Event
New York N.Y. http://www.conference-board.org/conferences/conferencedetail.cfm?conferenceid=2674
5.13.14 – 5.14.14 Shared Value Leadership Summit New York N.Y. http://sharedvalue.org/
5.13.14 NYSSA Sustainable Investing: Perspectives and Opportunities
New York N.Y. http://www.nyssa.org/programs/conferencesseminars/ctl/viewdetail/mid/754/itemid/1991/d/20140513.aspx
5.13.14 CGI – SASB Sustainability Standard Corporate Roundtable Cornerstone Speaking Event
New York N.Y. http://forms.clintonglobalinitiative.org/tracks/public/view.php?id=341
5.16.14 CGI Mid – Year Meeting New York N.Y. http://www.clintonglobalinitiative.org/ourmeetings/upcoming_opportunities.asp
5.19.14 – 5.21.14 US SIF Annual Conference Cornerstone Sponsored Event Cornerstone Speaking Event
Capital Hilton Washington, D.C. U.S.A.
www.ussif.org/conference
5.20.14 – 5.22.14 SNEC 8th Int’l Photovoltaic Power Generation Conference & Exhibition
Shanghai, China http://www.snec.org.cn/Default.aspx?lang=en
5.22.14 The Climate Group New York Event Cornerstone Speaking Event
New York, NY http://www.theclimategroup.org/
5.29.14 – 5.30.14 TBLI ConferenceTM New York 2014
United Federation of Teachers Headquarters
http://www.tbliconference.com/
6.2.14 – 6.5.14 Sustainable Brands Conference 2014 Paradise Point Resort San Diego, CA U.S.A.
http://www.sustainablebrands.com/events/sb14
6.19.14 Private Equity International Responsible Investment Forum 2014 Cornerstone Speaking Event
Marriott Grosvenor Square London, U.K.
https://www.privateequityinternational.com/ConferenceAgenda/?ConfId=12885365533#
The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 73
The Cornerstone Journal of Sustainable Finance & BankingSM Access Form
A regular electronic journal discussing global perspectives on progress towards sustainable finance, banking and capitalism across regions and industry sectors. The JSFB features proprietary content from our Board, our Staff, and our Global Advisory Council. Sections including the Market Summary, Global Sector Research, Open Source Excellence, Corporate Insights, Enhanced Analytics. Accelerating Impact, and Sustainable Product Reviews, and the latest Sustainable Finance Research and Events will be highlighted. In addition, we highlight a “featured domain.” Standard One-Year Access $1,800 Along with this subscription intended for both professionals at Financial Institutions and Corporate executives from all industries, subscribers will gain global perspectives on the articulation of strategies intended to benefit both the bottom line, and the major societal and economic imperatives of our day. In particular, our expert commentary on the latest research into environmental, social, and governance metrics and business integration, will allow for optimal assessments of risk-adjusted-returns in the capital markets. The JSFB is intended to lend investment insight into both micro-and macro-economic outcomes.
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The Cornerstone Capital Inc. Team
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Cornerstone Capital Inc. doing business as Cornerstone Capital Group is a Delaware corporation with headquarters in New York, NY. The Cornerstone Journal of Sustainable Finance and Banking (JSFB) is a service mark of Cornerstone Capital Inc. All other marks referenced are the property of their respective owners. The JSFB is licensed for use by named individual Authorized Users, and may not be reproduced, distributed, forwarded, posted, published, transmitted, uploaded or otherwise made available to others for commercial purposes, including to individuals within an Institutional Subscriber without written authorization from Cornerstone.
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The Cornerstone Journal of Sustainable Finance & Banking SM / April 2014 / 77