Socially Responsible Investing · Socially Responsible Investing. 2 Go to page 3 CONTENTS So we can see more clearly. At Aberdeen, asset management is our sole focus. That’s how

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Benefits and Pensions

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Benefits and Pensions August 2013Volume 23, Number 5

The Canadian Magazine Of Employee Pension Fund Investment And Benefits Plan ManagementThe Canadian Magazine Of Employee Pension Fund Investment And Benefits Plan Management

SOCIAL MEDIA STRATEGY CAN IMPROVE ENGAGEMENT pg 24

MAXIMIZING BENEFIT OF RISK ANALYSIS pg 30

CASE FOR OUTSOURCING PENSION PAYMENTS pg 32

FOCUS ON HEALTHCARE

MedicalInformation

And RTWSee Page 34

Annual Report & Directory

SociallyResponsible Investing

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So we can see more clearly.At Aberdeen, asset management is our sole focus. That’s how we’ve been able to concentrate on building capabilities across all key asset classes – from equities to bonds, from property to alternatives.

And because we have this expertise, we can deliver multi-asset investment solutions as well as individual funds. More insight to capture more opportunity.

For more information please visit aberdeen-asset.ca

We’re focused.

Aberdeen Asset Management (“AAM”) is the marketing name in Canada for Aberdeen Asset Management Inc., Aberdeen Fund Distributors, LLC, and Aberdeen Asset Management Asia Ltd and Aberdeen Asset Management Canada Limited. Aberdeen Asset Management Inc. is registered as a Portfolio Manager in the Canadian provinces of Ontario, Nova Scotia and New Brunswick. Aberdeen Asset Management Asia Limited and Aberdeen Asset Management Canada Limited are registered as Portfolio Managers in Ontario. Aberdeen Fund Distributors, LLC operates as an Exempt Market Dealer in all provinces and territories of Canada. Aberdeen Fund Distributors, LLC and Aberdeen Asset Management Canada Limited are wholly owned subsidiaries of Aberdeen Asset Management Inc. Both Aberdeen Asset Management Inc. and Aberdeen Asset Management Asia Ltd. are wholly owned by Aberdeen Asset Management PLC.

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August 2013 | Benefits and Pensions Monitor 3

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AUGUST 2013

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DEPARTMENTS4 EDITORIAL

6 PEOPLE

8 NEWS

10 HEALTH MATTERS

11 TREND SPOTTING

36 CONFERENCES

38 THE BACK PAGE

FEATURES12 SOCIALLy RESPONSIBLE INVESTING ANNUAL REPORT & DIRECTORy MODERN SUSTAINABLE INVESTING ENLARGES MOSAIC OF DATA Joe Hornyak

15 AN INTERVIEW WITH JANE AMBACHTSHEER

17 SOCIALLy RESPONSIBLE INVESTING DIRECTORy, MONEy MANAGERS

21 SOCIALLy RESPONSIBLE INVESTING DIRECTORy, SERVICES

23 LEGAL THE LONG ARM OF THE LAW: POTENTIAL EXISTS FOR PENSION LIABILITY

24 TECHNOLOGy JUMPING INTO THE CONVERSATION: A WELL-PLANNED SOCIAL MEDIA STRATEGY CAN IMPROVE ENGAGEMENT Ted Thaler & Neil Faba

26 DC PLANS BENCHMARK BAMBOOZLE Gerry Wahl

28 ADVISOR INSIGHT PRPPS: PROVINCES ARE GETTING SERIOUS BUT MORE WORK IS NEEDED Louis-Georges Mongeau

29 ADVISOR INSIGHT SMES SHOW MORE INTEREST IN RETIREMENT PLANS

30 INVESTMENT MAXIMIZING THE BENEFIT OF RISK ANALYSIS Bruce Curwood

32 ADMINISTRATION PENSION PAYMENTS: THE BUSINESS CASE FOR OUTSOURCING Sandra Sutton

34 HEALTHCARE ‘I HAVE A RIGHT TO KNOW:’ MEDICAL INFORMATION AND RTW Nancy J Gowan

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4 Benefits and Pensions Monitor | August 2013

| EDITORIAL |

Editorial Advisory Board

Volume 23, Number 5 August 2013

Editorial Director & Publisher, John L. McLaine

Executive Editor, Joseph Hornyak

Staff Writer, Karen E. Treml

Art and Creative Designer, Keith Boa

Production, Geoffrey Dufton

Website Manager, Heather Field

Circulation & Administration, Cathy McKercharFax: 416-494-2536 Email: [email protected]

Randy Bauslaugh, McCarthy Tétrault

Sylvie Charest, Scotiabank

Bruce Curwood, Russell Investments

Rudy Dabideen, Heather Cox

Mike Gillis, Greystone

Bruce Grantier, InvestorLit

Greg Hurst, Greg Hurst & Associates

Joan Johannson, Consultant

Marilyn Lurz, Lynmar Associates

Karen Matsubayashi, TD Bank Group

Mark Newton, Heenan Blaikie

Graeme Ozburn, RBC

Ted Patterson, Humber Centre for

Employee Benefits

Stuart Plummer, CIBC Mellon

John Poos, George Weston

Angela Vidakovich, Brookfield

Robert Weston, OMERS

Editorial advisory board members meet informally and are consulted when appropriate to their areas of expertise, interest or jurisdiction. The members bear no responsibility for the contents of the magazine.

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Will defined benefits pension plans change to meet member needs? Dani Goraichy, direc-tor, actuarial services and plan policy, for the OPSEU Pension Trust, suggested at an ISCEBS Toronto Chapter seminar recently

that this is a question that policy-makers need to ask. Unfor-tunately, there is no real answer to this question until policy-makers are prepared to make the kinds of changes necessary to enable DB plans to change.

Sponsor FriendlyThat is the root of the issue. There is no doubt that pen-

sion plan sponsors would embrace more favourable, sponsor friendly plans. Granted, this likely shifts some risk on to the members and that is the huge stumbling block for policy-mak-ers and regulators. They want plans which offer certainty to plan members and damn the consequences to the economy, to society, to businesses.

That is not to say nothing is happening in terms of chang-ing DB plans. For example, right now the flavour of the month seems to be target benefit plans. Following on the success of New Brunswick putting these plans in place for some of its public sector employees, there has been a great deal of attention being placed on these plans as a solution.

However, plans such as the Ontario Teachers’ Pension Plans and OMERS are, in essence, target benefit plans. They can raise the contributions or lower the benefit if plan funding levels are in danger. That same model is in place and has been in place for multi-employer and jointly sponsored plans for decades.

And, when you get right down to it, even defined contribu-tion pension plans work on the same basis, to some degree.

Granted, DC does come with its own flaws, but many of them are of our own making. The industry, for example, had been bogged down on member education and financial knowledge to

help them manage their money. Sponsors were urged to provide their members with choice and plans which met the needs of dif-ferent levels of investor sophistication. What we really should have been doing is pounding in the message that a minimum con-tribution is not enough to fund a financially secure retirement.

And, it turns out average plan members wanted a plan that was professionally managed. It is why lifecycle kinds of plans are so popular.

Economies Of ScaleThere are, of course, other issues with DC. It seems the big-

gest issue today is the fees which are higher than those of DB plans. However, maybe we need to take another look at fees and question why if there are economies of scale to be had in DB, and if we keep hearing that there are economies of scale to be found in pooling, why aren’t the individual assets of DC mem-bers being put in these pools? Indeed, that is the idea behind the pooled registered pension plan concept. And the flaws with the PRPP concept can be easily overcome. Make them mandatory and establish one set of rules for these plans across the country.

With a little bit of political and regulatory will, changes could be made to make DB attractive and viable once again; we could have better DC plans. The problem is that, as the PRPP experi-ence shows, at best all we are giving to the pension and pension coverage issues in this country is a bit of lip service. BPM

Will, Not Lip Service NeededBy: Joe Hornyak, Executive Editor

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Submit your People items for consideration for publication in

Benefits and Pensions Monitor to:


| PEOPLE |

Steele Redding

Lafrance Lee

Frazer Gelly

Paglione Williams

Mark Harding

OslerJana Steele is a partner in the pensions and benefits department at Osler. Over 17 years of practice, she has been rec-ognized by clients, peers, and ranking services as one of the country’s leading experts in plan structure, governance, administration, compliance, investment, trustee obligations, surplus matters, plan conversions/mergers/transfers, and wind-ups. She has experience advising both public and private sector clients on converting traditional defined bene-fit pension plans into shared risk plans under the New Brunswick model.

Brookfield Kim G. Redding is chief investment strategist at Brookfield Asset Manage-ment Inc. The former chief executive officer of Brookfield Investment Manage-ment has led its public securities invest-ment platform since 2009 and has more than 30 years of investment experience, focused on real assets. In his new role, he will advise on its global investment strategy across its more than $175 billion portfolio of assets under management.

CIAJacques Lafrance (BScAct, FCIA, FS) is president of the Canadian Institute of Actu-aries (CIA). He is currently a senior con-sultant with Towers Watson in Montréal, QC. With the CIA for many years, he was most recently chair of its pension advisory committee and then president-elect.

PBIEugene Lee has joined PBI Actuarial Consultants Ltd. as an investment con-sultant. He will work with its clients in the areas of asset mix, investment man-ager monitoring, and research as well as policy advice and governance. Pre-viously, he worked as a senior consult-ant for the risk and investment analytics group of RBC Investor Services.

IPEBLAMitch Frazer, a partner and chair of the pension and employment practice at Torys LLP, is chair of the International Pension and Employee Benefits Lawyers Association (IPEBLA) for a two-year term. Caroline Helbronner, a partner at Blake, Cassels and Graydon LLP, was

RussellJoseph Gelly is managing director, Canada institutional, at Russell Invest-ments Canada. Previously, he was with its Americas institutional business where he most recently served as managing dir-ector, fiduciary solutions. He has more than 25 years of industry experience, with an extensive background provid-ing customized investment solutions to corporate, multi-employer, public sector, and non-profit clients.

Sun LifeMarilee Mark is vice-president, market development, group benefits, at Sun Life Financial. Most recently, she was vice-president, marketing, group benefits, at Manulife Financial. Prior to that she was assistant vice-president, sales, at Liberty Health.

BuckLucy Paglione is investment consulting practice leader in Canada at Buck Global Investment Advisors. Most recently, she was senior vice-president of pension and benefits at George Weston Limited/Loblaw Companies Limited.

Franklin Templeton Matthew Williams is vice-president –defined contribution strategy for Frank-lin Templeton Investments in Canada. He is responsible for setting and execut-ing the national DC (group savings) sales and service strategy. Mostly recently, he was regional head of marketing, Asia Pacific, with ING Investment Manage-ment Asia Pacific.

Aon Hewitt Wade Harding is national practice direc-tor, health and benefits, Canada, at Aon Hewitt. He joined the practice in January 2011 as leader for the Atlantic provinces. Previously, he was a senior leader with a competing firm. He will also be a member of its regional business council. BPM


re-elected to IPEBLA’s governing steer-ing committee for a two-year term. Jana Steele, a partner at Osler, was selected as the chair of the IPEBLA’s 2015 biennial conference organizing committee.

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It’s not about seeing the obvious. It’s about having the vision to see beyond. To see both the obstacles and the opportunities. To recognize the risks and the rewards. As Canada’s leading independent actuarial consulting firm, Eckler has been helping clients manage uncertainty for more than 85 years through the delivery of informed and unbiased advice. It’s all about innovation and creativity – and the discipline to get the numbers to reveal the bigger picture.

When you have mastered numbers you no longer read them. You read meanings.

Visit eckler.ca/vision – we’ll help you hear what the numbers are really saying.

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| NEWS |

and they employ nearly half (48 per cent) of the working population.

Drug Treatments Bring Savings

The money spent on pharmaceutical treatment in Ontario more than pays off in savings for the health system and improved productivity for the economy, says ‘Reducing the Health Care and Societal Costs of Disease: The Role of Pharmaceuticals,’ a Conference Board of Canada report. The report quantifies how pharmaceutical treatment affects both direct healthcare costs and soci-ety more broadly. “Public healthcare in Canada is under pressure to rein in ris-ing costs and drugs have been identified as a target in reducing costs. But our empirical research suggests that when it comes to certain conditions, pharmaceu-tical treatments offer benefits in reducing health-related complications and lower-ing the incidence of disease,” says Louis Thériault, director, health economics, for the Conference Board’s Canadian Alli-ance for Sustainable Health Care.

Industrial Alliance Acquires Jovian

Industrial Alliance Insurance and Finan-cial Services Inc. will acquire Jovian Capital Corporation. Jovian holds inter-ests in a portfolio of financial services companies including Leon Frazer & Associates Inc., T.E. Investment Coun-sel Inc., Hahn Investment Stewards & Company Inc., JovFinancial Solutions Inc., and IIROC dealer MGI Securities Inc. It has combined assets under man-agement and administration of almost $7 billion. BPM


DB Plans Now In Danger Zone

“For the first time since DBRS began evaluating the health of pensions, the aggregate pension deficit is now in the danger zone,” says a DBRS investiga-tion of 461 defined benefit pension plans in Canada, the U.S., Japan, and Europe. It says that the aggregate funded status “has now reached a low point of 78.3 per cent,” or below the 80 per cent level that it deems to be “a minimum funding threshold.” This “marks the first time that pension funds have fallen into the danger zone in the past decade.” The other piece of bad news is only 41 per cent of the funds “remained in good shape, down from 45 per cent in 2011.” However, there is good news for the 67 Canadian pension funds included in the study. At 84.4 per cent, the average aggregate funded status was higher than that of U.S. and other international plans.

Younger Population Real Challenge

The real demographic challenge for Can-adian policymakers is adapting to a popu-lation growing ‘younger,’ after taking increased life expectancies into account, says a report by the C.D. Howe Insti-tute. ‘The Main Chal-lenge of Our Times: A Population Growing Younger’ proposes an alternative approach to population aging, which measures years to live instead of years since birth. Since 1950, Canadian life expectancy, on aver-age, has increased. It says the forthcom-ing generation of elderly will be more educated which may allow more flex-ibility and, therefore, lay the ground for double-career paths. It provides recom-mendations for policy changes includ-ing measures to allow the flexible use of pension and retirement funds and to facilitate second-career paths.

New Funding Rules Set For Public Plans

Saskatchewan has amended its pension regulations to set out new funding rules for public sector pension plans, says a Towers Watson ‘Client Advisory.’ The advisory says a unique challenge for

public sector plans is that they typically cannot react quickly to changing funding requirements due to the nature of public sector budgeting and the prevalence of collective agreements in the public sec-tor. Eliminating the requirement to amor-tize solvency deficiencies will help miti-gate the considerable volatility in contri-bution requirements for specified plans. To compensate for the increased risk to plan members’ pension entitlements, the going concern funding requirements have been strengthened.

SERP Environment Changed

Canadian organizations are operating in a different business environment from when Towers Watson issued its SERP study in 2008. Its ‘Canadian Digest’ says prolonged weak economic growth and uncertainty are putting greater pressure on employers to balance the benefits of attraction and retention through pro-grams such as SERPs with the increasing costs of those benefit programs. Many workers are re-evaluating the impact of retirement benefits on their employment decisions making it now more important than ever for organizations to examine how they design, fund, secure, and com-municate their SERPs. SERP sponsors are finding boards are concerned about volatility of SERP costs and unfunded liabilities.

Benefits Available To Small Employers

Workplace health benefits programs will be more accessible and manageable for the country’s smallest employers under a benefits product introduced by Manu-life Financial. ‘LaunchPlan’ was created to meet the specific needs, priorities, and concerns of small business owners with two to nine employees. It is designed to protect small employers from the unpre-dictability of health benefit costs, keep-ing the coverage affordable over the long-term. Industry Canada says 98 per cent of all companies with employees in Canada are considered small businesses

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Preparing For The Flu By: Caroline Tapp-McDougall

| HEALTH MATTERS |


It might be hard to believe, but flu season is lurking right around the corner again. With it comes the possibility of lost production as ill employees take the wise course of action and recover at home.

The flu, or influenza as it should be called, is a conta-gious virus that causes a runny nose, sore throat, muscle aches, cough, fever, chills, and fatigue. The best way to stop the influ-enza from taking over your workplace is to be diligent in prevention.

Every year, it’s credited with costing businesses close to $10.4 billion through hundreds of lost working hours. Up to 30 per cent of a work-force can be hit at one time because the virus is passed around from person to person. Absenteeism can last from two to seven days, though the asso-ciated fatigue and cough can last for several weeks longer. By minimizing its impact in the first place, you not only keep your workers well, but you’ll reduce costly absenteeism.

So what’s the best way to avoid influenza entering your workplace? As many of us have heard before, prevention seems to be the key.

Spreading AwarenessWe know that influenza is a highly conta-

gious respiratory illness spread through coughs and sneezes as well as direct contact with contaminated surfaces such as unwashed hands, tables, computer key-boards, door handles, and elevator buttons.

Good hygiene is essential to the reduction of this contami-nation. Use signage and simple reminders as tools to encour-age employees to wash their hands regularly with soap and water.

Clean workspaces make a difference. Invite workers to fre-quently ‘disinfect’ surfaces themselves and monitor housekeep-ing to ensure that germ hotpots such as computers, phones, and headsets are diligently wiped down.

If possible, have 60 to 90 per cent alcohol hand sanitizer available in several areas and make sure bathrooms, kitchens, and break rooms are fully stocked with cleaning supplies, soap, and paper towels.

Immunization Matters And immunization matters. In some situations, vaccines

have been shown to prevent 80 per cent of outbreaks in healthy adults. While there are several different strains of

Caroline Tapp-McDougall is the publisher of Solutions: Canada’s Family Guide to Home Health Care and Wellness and the author of The Complete Canadian Eldercare Guide.


the virus each year, the vaccine usually protects against the three most commonly expected viruses – H3N2, influenza B, and H1N1. It may take up to two weeks for the vaccine to take effect, but after that protection usually lasts for up to one year.

Research has shown that employees are more likely to get vaccinated if a fast and convenient clinic is held in the work-

place. You should set up a clinic each year as soon as the vaccines are available through the health unit, prefer-

ably before flu season hits which is usually in the fall. In order to get the most out of your clinic,

choose a vaccination co-ordinator, such as a safety officer or health professional, to lead

the project. Share your immunization rationale with managers, labour rep-

resentatives, and employees. And, try to set an example by encour-

aging your senior staff to get the vaccine first.

Overall SavingsDepending on where

you live, your province may pay for the actual cost

of the vaccines. For instance, in Ontario your company will only be

responsible for the administration costs of the program, which averages out to be

about $12 per employee. In other provinces, such as New Brunswick, companies must pay for

the vaccines, which can cost up to $25 per person. Research by Nichol et al. (1995) found that even with

this cost, flu immunization still resulted in overall savings of more than $55 per person. For workplace prevention to be effective, your company will

need time and financial support to plan confidently, educate, and initiate appropriate protocol. Promotion of the influenza prevention campaign is essential to its success and utilizing materials from your local health units and provincial govern-ment will help the cause and put you on your way to a well-managed flu season. BPM

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| TREND SPOTTING |

Investment Management Outsourcing

Growing Trend

Outsourcing of investment management is a growing trend among institutional investors, says a white paper from the Commonfund Institute. Institutions that decide to outsource are basing their deci-sion on the desire to optimize manage-ment and oversight of increasingly com-plex investment portfolios. They also hope to enable timely decision-making and make more efficient use of limited staff resources. It also allows trustees to better fulfill their fiduciary duties by focusing on policy and strategic over-sight. The outsourcing concept offers a broad range of implementation models, enabling different types of organizations to identify a model that works well for their particular needs and preferences.

AIFMD Implementation Uneven

Uneven progress is being made in implementing the European Commis-sion’s Alternative Investment Fund Managers Directive (AIFMD) across the European Union, says a study by the Alternative Investment Manage-ment Association (AIMA), the global hedge fund industry association, and EY, the multi-national professional services firm. The study found that although a majority of EU member states have either already transposed the AIFMD into law within the trans-position deadline of July 22 or have drafted the final legislation and are awaiting parliamentary approval, only 12 member states have completed full legislative transposition and at least five member states are known to have made little or no progress.

real assets were unable to offset inflation over the entirety of the study from 1978 to 2012. As well, the ability of property to protect against inflation was “quite weak.” However, there were “consider-able” benefits to investing in real assets as they acted to lower investment volatility over a 16-year period to 2012.

Private Sector Savers Hit Lowest Level

The number of private sector workers saving into company pensions in the UK is at its lowest level since records began 60 years ago, says the Office for National Statistics. Only 2.9 million or 12 per cent of the private sector workforce of 24 mil-lion are saving in a company retirement savings plans. In the 1960s, more than eight million private sector workers had a company pension. However, in the pub-lic sector, 5.3 million of the 5.7 million state workers are active members of an occupational pension scheme, primarily defined benefit plans. By comparison, only eight per cent of private sector work-ers are members of DB plans, down from 34 per cent in 1997.

Asian Pension Systems Need Deep Reform

In order to play their role in a sustain-able way, Asian pension systems must be deeply reformed, says research by the EDHEC-Risk Institute. However, it says there is a double constraint – a strong aging population and a fertility below the replacement rate. These constraints rep-resent a high risk of insolvency for these systems. Its research shows Asian pen-sion systems must reach a higher level of professionalism by integrating the best practices available in the market. It also suggests that pension reserve funds, by far the largest dedicated pension asset pool, move away from the ‘piggy bank’ model that sees them inefficiently invest funds while waiting to be entirely spent to a model where they would actively manage assets with a view to maximiz-ing the likelihood of meeting future pub-lic pension obligations. BPM

U.S. Investment Management Business

IntensifyingThe U.S. investment management busi-ness is likely to see competition inten-sify as banks bolster their efforts in this sector, says a report from Fitch Rat-ings. It says competition in the tradi-tional investment management industry will increase as banks focus on the low cost, high capital investment manage-ment segment. This trend could result in smaller bolt-on acquisitions to expand product line-ups and/or add distribu-tion capabilities. “Increased competition may further compress operating margins as fees continue to tighten due to post-crisis performance challenges and a gen-eral shift to low cost products and pas-sive strategies,” it says.

UK Plans Unhappy With Governance

UK pension schemes are not satisfied with current governance structures, says a poll by SEI. It found over half (56 per cent) of those surveyed felt their current governance structure does not allow them to easily take advantage of market con-ditions to improve their funding lev-els. Many trust-ees feel unable to make informed and timely decisions due to a lack of resources, including limita-tions of time and/or expertise. Nearly two-thirds (65 per cent) revealed plans to review their investment consultant within the next three years.

Property Offers Weak Inflation Protection

Property and energy infrastructure assets only offer weak or no inflation protec-tion to investors, says research funded by Deutsche Asset & Wealth Manage-ment. The research on the return on direct investments in real assets found only commercial real estate was able to prove a real link between inflation and returns. As a result, it concludes that with the excep-tion of direct investment in timberland,


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This field of sustainable investing has evolved enormously over the last 10 or 15 years, says Bruno Bertocci, managing director and head of sustainable investors at UBS. “Initially, inves-tors focused on negative screening. The first

investors in this space were faith-based investors who had lists of stocks that they wanted to exclude from portfolios. Those investors are still around, but they are now shifting to positive screening, the most modern approach to sustainability.”

It then evolved into the notion of looking at ESG factors – the environmental, social, and governance dimensions of a


Modern Sustainable Investing Enlarges Mosaic Of Data

By: Joe Hornyak

SOCIALLy RESPONSIBLE INVESTING ANNUAL RepoRt & DiRectoRy

Bruno BertocciManaging Director & Head Of Sustainable

InvestorsUBS

Bob MannChief Operating Officer

Sustainalytics

Ryan PolliceSenior Associate

Mercer

mailto:[email protected]


company. Subsequently, a number of rating services “sprang to life,” offer-ing opinions on the sustainability or SRI profiles of companies, for a subscription fee. In the middle phase of sustainability investing, investors started incorporating these external ratings into their invest-ment process.

“We are now in a new and exciting phase where investors are thinking about sustainability as a set of fundamental extra-financial factors that are material in the sense that accountants talk about materiality,” he says. These factors are material because they influence the deci-sion-makers’ capital allocation process.

Reputation Of ManagementHowever, while this sounds new, he

says if you take out “your original Gra-ham and Dodd copy of ‘Security Analy-sis’ from 1935,” one of the things the authors say is that “the financial state-ments are important to look at, but an investor should also consider the repu-tation of the management, the place of a company within its industry or its country, and other factors that would prove useful. These are clearly not con-tained within the body of the financial statements, but it is easy to see how they reflect on the worth of the business model.”

The primary driver, Bertocci says, is that some of the processes or approaches that people took to in this field turned out to not be additive or to be subtractive to investment results. “If what you are doing is taking a portfolio that was built for a particular client and you apply a set of seemingly arbitrary rules and pluck out some stock holdings and then either re-weight or add substitutes, you have not really added anything to the port-folio. You have removed some positions without using criteria that are related to the objective of generating excess returns.”

You are also violating one of the laws of active management as set out in ‘Active Portfolio Management: A Quan-titative Approach for Producing Superior Returns and Controlling Risk’ by Richard Grinold and Ronald Kahn. This says you are supposed to select stocks by using the broadest universe possible and then applying fundamental criteria

that are likely to generate excess returns to the selection process. Applying exclu-sionary criteria that are not related to the fundamentals of the companies does not create value.

More importantly, the reason invest-ors have “evolved to what I call modern sustainability” is that the use of funda-mental sustainability factors is a shift to positive screening, that is, using sustain-ability data to help improve the stock selection processes, says Bertocci. There is increasing academic evidence that done properly, it actually adds to returns and reduces risk.

More Profitable WaySo, basically, he says, you are still

looking for what you were looking for 15 years ago – good companies that are good corporate citizens. “Moreover, what you are really doing is you are looking for companies that want to be good corporate citizens and that manage their companies in a certain way because it is actually a better and more profitable way to run a company.” Bertocci cites an article in the Harvard Business Review, ‘Creating Shared Value’ by Michael Porter, a Harvard Business School pro-fessor. He writes about sustainability as a powerful weapon in a company’s competitive arsenal. Companies want to save energy and materials and water and other inputs which is good for the world, but this also saves money, making this a superior capitalistic thing to do. And “you want to treat your employees well and provide them with benefits because it is a good thing to do, but also because if you attract the best and the brightest, you are going to be superior to your competitors.

“Similarly if you are looking at a manufacturing company, it is not about getting the cheapest components, it is about getting the best value-added com-ponents so that you can design and sell a product that people perceive to be superior and that has higher profit and margins. To that end, an Apple computer is more expensive than a Dell computer. It was not designed with costs in mind. It was designed with functionality and market appeal in mind. Modern sustain-able investors are looking for companies that do these things because they are part

of the fabric of their competitive strat-egy.”

And nowhere is this truer than Europe which remains in the vanguard for SRI, says Bob Mann, chief operating officer at Sustainalytics. This is likely because in European markets, “we find that investors are matching their investment beliefs to their personal beliefs when making their investment decisions.”

As well, a lot more European invest-ors, especially institutional investors, are willing to adhere to international norms. So, “it is not their specific institutional beliefs they follow,” he says, “they look to global norms to provide some guidance on social and environmental issues.” So when the United Nations passed some agreements on weapons production that disproportionately impact civilians, there were a bunch of countries that signed on to that accord saying they would not support or pro-duce within their borders. So what many of the European institutional investors have done is take those guidelines and applied them to their investment port-folios. “They used the UN as the global norm that they think is appropriate and applied that to their portfolios,” he says.

Huge UptakeSome regions of Europe are bigger

believers in SRI, ESG, and sustainable investing. Mann says in France, for example, there is huge uptake. “A good portion of that market’s mutual funds have some sort of SRI or ESG overlay.” He attributes this to their heritage. “The European Union is an attempt to make societies more progressive so they are forward-looking and trying to find a role for people to contribute proactively to making a better society. They find it eas-


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ier to use institutions, such as their pension funds or governments, as agents to create a better world.” Anglo-centric or Anglo-Saxon countries tend to be less enamoured with government and institutions “so we push back, especially in the U.S.”

Another element to the European approach is they do not draw a sharp line between SRI, ESG, and sustainable investing. “They tend to have a portfolio of things that they do and they do not just do one.” So they have gone further in the integration of ESG considerations to help the risk/return profile of their portfolios. SRI is traditionally used to overlay personal investment beliefs into portfolios. If sustainable investment is more thematic when it comes to look-ing for opportunities, the Europeans are doing this as well.

“On the other hand, we (in North America) have a narrative where we view it as a progression, old fashioned is SRI. The new thing, the progression to something else, is maybe integration or sustainable investing. I would say in Europe, they do not make that delinea-tion. They see a point for all of them and do all of them,” says Mann.

The other side of the coin is emerging markets. When it comes to investment in these markets, applying SRI, ESG, or sus-tainable investing considerations requires a “bit of historical perspective,” says Ber-tocci. “In emerging countries, companies and the operating environment look like the operating environment that we had in developed countries at the end of the 19th century and the beginning of the 20th. In the U.S., we had numerous horrible industrial accidents – from the Pember-ton Mill textile factory collapse in 1860 which killed 145 workers and injured 166 in Lawrence, MS, in 1860 to the Triangle Shirtwaist Factory fire in New York City in 1911 which was one of the deadliest industrial disasters in the history of the city of New York, killing 146 workers. The working class and immigrants in the U.S., as recorded by Upton Sinclair in ‘The Jungle,’ lived in poverty and had poor working conditions.

‘Wild West’It was “wild west, profit at any cost,

unregulated naked capitalism,” he says. Society reacted to these disasters by

enacting safety rules, rules against child labour, and acts to supervise produc-tion of food and pharmaceutical items to make sure that products were safe. “We became more evolved in our society as we became wealthier.”

“Developing economies need to move along a similar evolutionary path and the job of investors like us that allo-cate capital and the job of people who supervise supply chains is to help these developing economies focus on these issues. Since many of these compan-ies in these economies are suppliers to developed market companies, we have a very important role to play. Well-managed companies from our side of the fence can really help. When I talk to the companies that have strong sup-ply chain oversight, they make sure that their suppliers have an actual safety cul-ture and a safety engineer on site with the power to ensure safety regulations. A proper safety culture means that work-ers in Southern China or elsewhere are working in a safe factory because their customer, a developed market company, requires it.

Evolutionary ProcessAnd this evolutionary process is now

underway in emerging markets, he says. “If you look at China, the government is reacting to public pressure about the scandals that have happened there, ran-ging from adulterated milk and meat to industrial spills and accidents. The gov-ernment is reacting to the fact that the public is upset about these issues, similar to what happened in the United States at the turn of the 19th century, and is start-ing to enact tighter regulations and going after people who are violators.

Canada is also moving forward in terms of SRI, ESG, and sustainable investing practices.

“The concept of modern sustainabil-ity investing is that fundamental sustain-ability factors should be looked at in addition to traditional fundamentals to have the fullest and most complete view of the business model one is considering. The objective is to improve the process by enlarging the mosaic of data,” says Bertocci.

“In terms of pension funds in Canada, we have seen a tangible and noticeable

increase in their focus on trying to inte-grate these factors into investment deci-sions. This is their fundamental, bottom-up investment approach. They are start-ing to try to find the investment case for this,” says Mann. “Whatever label you want to give it, the larger pension funds, in their own way, are looking at it in a much more fundamental level.”

The Canada Pension Plan Investment Board, for example, is now considering long-term-ism. They are looking for investments which can be made for the long term, not the short-term nature now being found in financial markets. This is just one example of “blue chip pen-sion funds starting to think about this in a meaningful way.”

And it is not just the large funds that are incorporating these into their invest-ment strategies. Ryan Pollice, a senior associate at Mercer, says when it is work-ing with mid-sized funds, it first focuses on education and articulating investment beliefs towards the consideration of ESG issues in the investment process. These beliefs and the governance of the fund will shape the development of a strategy and policy. “Often our initial focus with mid-sized funds is to first take stock of the extent to which current managers incorporate a consideration of ESG issues. ESG-related criteria and con-siderations are subsequently often intro-duced into both the manager selection and ongoing monitoring processes.”

Aside from funds focusing on ESG from a risk management perspective, a growing number are considering targeted allocations to sustainability-themed listed or unlisted assets. Mercer led a global research project in 2011 and 2012 that explored how investors think about the potential impacts of various climate change scenarios on long-term risk/return assumptions. The results suggest that under a number of different scen-arios, introducing sustainability-themed assets may increase the resiliency of a portfolio. “We have identified a number of highly rated strategies focused on this area and also work with clients to build diversified portfolios of sustainability themed managers.”

These are not managers that “screen out stocks,” he says, but rather those which position portfolios to access




macro growth trends such as resource scarcity, environmental concerns, energy security, and demographic change. This can provide diversified growth, as well as some downside protection against unanticipated carbon pricing.

Growing InterestThe appetite for these investments

and strategies weathered the recent financial crises around the world. Pol-lice says reports published in the past year by the Canadian Social Investment Organization and the Global Sustainable Investment Alliance indicate assets man-aged under sustainability or responsible investing guidelines have continued to grow. However, “while we see growing interest, there are barriers,” he says. Spon-sors of defined benefit plans typically are facing serious funding challenges so for many, the focus is elsewhere. DC plans are typically constrained by the funds available through recordkeepers.

Surprisingly, despite mounting evi-dence to the contrary, he says many foundations and endowments have a perception that ESG approaches con-strain the investment universe and will result in lower returns. “When framed in this way, spending policy considerations usually take priority,” says Pollice.

However, all this being said, he says “we do see continued interest in this space. As evidence mounts that taking sustainability into consideration is good for the bottom line, we expect to see this growth continue.”

For Bertocci, sustainable investing is an evolving reality. “Plan sponsors and pension funds, CIOs, and staff have embraced the UN Principles for Respon-sible Investing and are asking managers to incorporate sustainability factors in their decision-making processes. It is an on-going development, but I would also say that it is by no means a completed process.

“In addition, like all investment strategies, some sustainability investors have been more successful than others. We need to provide plan sponsors and asset owners with an attractive set of investment options for plan sponsors to actually execute. Investment managers cannot expect plan sponsors to allo-cate capital to strategies that do not fit

the sponsor’s risk/return guidelines or that do not provide a strong track rec-ord against indices. This means if a plan sponsor wants their fund to be sustain-ably invested, they have to make sure that they are hooking up with a manager that is skilled at it as well,” he says.

“The concept of modern sustainabil-ity investing is that fundamental sustain-ability factors should be looked at in addition to traditional fundamentals to have the fullest and most complete view

of the business model one is considering. The objective is to improve the process by enlarging the mosaic of data,” says Bertocci. BPM

Joe Hornyak is executive editor at Benefits and Pensions Monitor


Jane Ambacht-sheer, global head of respon-sible investment at Mercer, has

been at the forefront of the responsible investing movement over the last decade.

She joined its Lon-don, UK, office in 2000 and is now responsible for leading its respon-sible investment busi-ness, and advises investors in North America, Europe, and Asia Pacific.

She was also a consultant to the United Nations through the develop-ment of the Principles for Responsible Investment, which has now been sup-ported by more than 1,000 signato-ries. She is also involved in a number of industry initiatives, acts as a North American advisor to the Carbon Dis-closure Project, and sits on the invest-ment committee of the Toronto Atmo-spheric Fund.

An adjunct professor at the Univer-sity of Toronto, she teaches a graduate course on responsible investment.

In 2011, Ambachtsheer received a Lifetime Achievement Award for her

work from the Canadian Social Investment Orga-nization.

In this interview, Ben-efits and Pensions Moni-tor discusses the devel-opments that are taking place in this area with her.

Where is the leadership coming for responsible investing (RI)?

Jane Ambachtsheer: A number of large pub-

lic plans have demonstrated leadership in RI in Canada. This covers a range of issues and activities from design-ing ESG (environment, social, gov-ernance) metrics and reporting con-cepts to increased board and company engagement, increased ESG analysis at stock and portfolio levels, and sustain-ability-themed investments in listed/unlisted assets. There is also growing interest from a number of traditional fund managers not typically known for a focus in this space.

How much of that interest in the large pension funds was driven by the UN-backed Principles for Responsible Investment?

An Interview With Jane Ambachtsheer

mailto:jhornyak%40powershift.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20


12 Benefits and Pensions Monitor | August 201316 Benefits and Pensions Monitor | August 2013

JA: The PRI has been hugely suc-cessful in stimulating a discussion on ESG issues among mainstream insti-tutional investors. Many funds became signatories as an early indication of their commitment to incorporate ESG issues into investment decision-making over time. In Canada, a number of the large public plans are signatories so it is no surprise that year over year, their level of implementation and exploration of these issues becomes more detailed.

How has this changed from the old mindset towards what is more com-monly referred to as socially respon-sible investing (SRI)?

JA: It is not so much about meet-ing a set of sustainability criteria. The focus on these issues is in the context of seeking to optimize and generate long-term value for their beneficiaries.

Long-term investors such as pension funds are interested in how companies manage and exploit material ESG risks and opportunities as a component of their ability to create sustainable long-term value.

Is this going to have an effect on how capital is allocated to ensure it is used sustainably?

JA: The objective should be to allo-cate capital in a way that optimizes long-term value creation for investors. The sustainable investing space has become much more complex. You have individual stock level analysis, where you can now quantify several ESG fac-tors. But you also need to consider how global macro trends should influence asset allocation and the role of long horizon investors in advocating for well-functioning capital markets. It’s

not a slam dunk for investors to figure out what the first step should be here.

How are pension funds in Canada driving this?

JA: Canadian public pension funds have obviously driven a lot of this change across the institutional invest-ment landscape. In addition, we see more attention to these themes from endowments and foundations. We are also seeing increased interest from the fund management community in Canada and even more so globally. For exam-ple, some of the world’s largest passive managers have engagement teams of 20 people. That represents pretty sig-nificant resource allocation to this area. They are moving in this direction due to a combination of client demand and a belief that it is going to improve their risk-adjusted returns. BPM


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ABERDEEN ASSET MANAGEMENT INC. Renee Arnold, Head of Business Develop-ment, Canada; 161 Bay St., 44th Floor, TD Canada Trust Tower, Toronto, ON M5J 2S1 PH: 416-777-5571 Fax: 866-290-9322 eMail: [email protected] Web: www.aberdeen-asset.com Products/Services: EAFE Plus, Global Equity Managed Since: 1995 Canadian Clients: 5 Philosophy/Style: Employs bottom-up fundamental analysis, focusing on absolute return and invests in companies with sound fundamen-tals that pass their investment criteria of quality and price; for SRI mandates, compa-nies must also pass a screening process for acceptable social behaviour

ADDENDA CAPITAL INC. Michel Jalbert, Senior Vice-president, Business Develop-ment & Client Partnerships; 800 Boul. Rene Levesque O., #2750, Montreal, QC H3B 1X9 PH: 514-287-7373 Fax: 514-287-7200 eMail: [email protected] Web: www.addenda-capital.com Products/Services: Sustainable Investment Program Managed Since: 1992 Canadian Clients: 13 Philosophy/Style: Incorporates environmental, social, and governance (ESG) issues into investment analysis and decision-making and monitors and engages with investee companies, regulators, and policy makers on ESG matters

AGF MANAGEMENT LIMITED Michael Peck, Senior Vice-president, Head of Cana-dian Institutional; 66 Wellington St. W., 31st Floor, Toronto Dominion Bank Tower, Toronto, ON M5K 1E9 PH: 416-865-4253 Fax: 416-865-4247 eMail: [email protected] Web: www.agf.com Products/Ser-vices: Social Values Balanced, Social Values Equity, Clean Environment Equity, Pooled

Paribas Asset Management – Equities, Fixed Income, Balanced Solutions, Struc-tured Solutions; IMPAX Asset Management – Environmental Equity Strategies; Fund-Quest – Multi-management SRI Strategies; THEAM – EasyETF Tracker Range Managed Since: 2001 Philosophy/Style: Offers a range of sustainable investment solutions that add value by capturing new opportunities result-ing from sustainable development, reduc-ing emerging risks created by unsustain-able development, and supporting a higher degree of responsibility

CALDWELL INVESTMENT MANAGEMENT LTD. Christina Kish, Institutional Sales, 150 King St. W, Ste. 1702, Toronto, ON M5H 1J9 PH: 416-593-1798 x269 Fax: 416-862-2498 eMail: [email protected] Web: www.caldwellinvestment.com Products/Services: Balanced Fund, Canadian Value Momentum Fund, High Income Equity Fund, Growth Opportunities Trust, ICM Mar-ket Strategy Trust, Strategic Investment Pool, Income Fund Managed Since: 1990 Philoso-phy/Style: Combines disciplined, active, and fundamental value investing with a focus on capital preservation; does not use lever-age, derivatives, or short selling in any of its strategies and does not invest in companies involved in alcohol, firearms, tobacco, or adult entertainment industries

CIBC GLOBAL ASSET MANAGEMENT INC. Taras Klymenko, Vice-president, Insti-tutional Business Development; 161 Bay St., Ste. 2320, Toronto, ON M5J 2S8 PH: 416-214-8338 Fax: 416-364-4472 eMail: [email protected] Web: www.cibcam.com Products/Services: Canadian Equity Managed Since: 1980 Canadian Clients: 11 Philosophy/Style: Searches for firms that rank highly for addressing social, ethical, and environmen-tal concerns; identifies companies in sound financial condition, whose management team is focused and credible; generates and maintains a properly diversified portfolio

CORDIANT David G. Creighton, President & CEO; Ste. 2400 – 1010 Sherbrooke St. W., Montreal, QC H3A 2R7 PH: 514-286-1142 Fax: 514-286-4203 eMail: [email protected] Web: www.cordiantcap.com Products/Services: International Finance Par-ticipation Trust 2001, International Finance Participation Trust 2004, Canada Investment Fund for Africa, Emerging Loan Fund III, ICF-Debt Pool, Emerging Loan Fund IV Managed Since: 2001 Canadian Clients: 4 Philosophy/Style: Makes private debt and private equity investments in emerging markets and con-siders ESG screening to be an important tool

Social Values Canadian Equity Managed Since: 1991 Philosophy/Style: Investment style is growth-oriented and this style is applied across all mandates; the belief is that companies that apply sustainable investment practices are also more likely to have strong business models over the long term

AMUNDI CANADA INC. Gilbert Lavoie, President; 2000 McGill College Ave., Ste. 1920, Montreal, QC H3A 3H3 PH: 514-982-2902 Fax: 514-982-2915 eMail: [email protected] Web: www.amundi.com Products/Services: ‘Best-in-class Funds,’ Ethical Funds, Impact Investing Funds, Shared Return Funds, Social Entrepreneur-ship Funds, Development Support Funds Managed Since: 1989 Philosophy/Style: As a signatory to the Principles for Responsible Investment (PRI), the firm is committed to taking greater account of environmental, social, and governance (ESG) criteria in its investment policies alongside financial cri-teria; this orientation constitutes the fourth pillar and is a major strategic focus for the coming years

BLACKROCK Eric Leveille, Managing Direc-tor; 1000 Sherbrooke W. Ste. 1730, Mon-treal, QC H3A 3G4 PH: 416-643-4040 Fax: 514-843-5198 eMail: [email protected] Web: www.blackrock.com Prod-ucts/Services: Equity, U.S. Large Cap Core, NTR Renewable Power Strategy, Exchange Traded Funds, MSCI SRI Index Funds, part-ners with financial advisors to design and implement customized financial solutions tailored to the individual values and beliefs of its clients Managed Since: 1988

BNP PARIBAS INVESTMENT PARTNERS CANADA LTD. Robert Harrison, Chief Executive Officer; 200 Park Ave., New York, NY 10166 PH: 212-681-1300 eMail: [email protected] Web: www.bnpparibas-ip.com Products/Services: BNP

moNey mANAgeRs

SOCIALLy RESPONSIBLE INVESTING ANNUAL DiRectoRy


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for identifying well-run businesses, improv-ing risk management, and building a robust portfolio of investments

DESJARDINS INSURANCE Tony Ioanna, Regional Vice-president, Business Develop-ment; 1 Complexe Desjardins, South Tower, 21st Floor, Montreal, QC H5B 1E2 PH: 514-285-7899 Fax: 514-285-8766 eMail: [email protected] Web: www.desjardinslifeinsur-ance.com Products/Services: Ethical Income Fund, Ethical Global Equity Fund Managed Since: 2009 Canadian Clients: 13 Phi-losophy/Style: Ethical Income – Core fixed income product that mainly relies on yield curve and sector spread analysis; Ethical Canadian Equity – Uses multi-management strategy that allocates capital between three different mandates, each with a specific approach; Ethical Global Equity – Style is core, investment approach based on a com-bination of qualitative company selection strategies and strict pricing disciplines

FIERA CAPITAL CORPORATION David Pen-nycook, Vice-chairman & Executive Vice-president, Institutional Markets; 1501 McGill College Ave., Montreal, QC H3A 3M8 PH: 514-954-3300 Fax: 514-954-3325 eMail: [email protected] Web: www.fieracapital.com Products/Services: Canadian Equity Value; Canadian Equity Selexia; U.S. Equity; International Equity; Endowments, Foundations, and Trusts Balanced Fund; Ethical Active Fixed Income; Canadian Equity – Environment Managed Since: 2004 Cana-dian Clients: 225 Philosophy/Style: Offers a range of strategies to meet the needs of clients who wish to consider environmental, social, and governance (ESG) factors within their portfolios; propositions include ESG/ethical strategies in Canadian, U.S., and international equities, as well as fixed income strategies with ethical considerations; the firm is a signatory of the United Nations Prin-ciples for Responsible Investment (PRI)

LEGG MASON CANADA INC. David Gre-goire, Managing Director, Head of Distribu-tion; 220 Bay St., 4th Floor, Toronto, ON M5J 2W4 PH: 416-594-2979 Fax: 416-860-0628 eMail: [email protected] Web: www.leggmasoncanada.com Products/Ser-vices: Brandywine Global Investment Man-agement – Large Cap Core Equity, Large Cap Value Equity; ClearBridge Investments – ESG Investment Program, Global Value Equity, International Value Equity, Val-ueCore International Equity, International Value Equity Labour Friendly; Legg Mason Investment Counsel – Global Equity, Equity; Western Asset Management – Fixed Income Managed For: More than 10 years Philoso-phy/Style: Offers a range of strategies with the focus on socially aware investments; portfolios cover multiple styles and market capitalizations in international equity, global equity, U.S. equity, fixed income

LETKO BROSSEAU & ASSOCIATES INC. Lisa Caswell, Director, Client Services; 145 King St. W., Ste. 2101, Toronto, ON M5H 1J8 PH: 647-426-1780 Fax: 647-426-1587 eMail: [email protected] Web: www.lba.ca Products/Services: Balanced Fund – pooled fund for non-taxable Canadian investors, Fixed Income 45%, Canadian and Foreign Equity 55% Managed Since: 2010 Canadian Clients: 11 Philosophy/Style: Fundamental approach to economic and business analy-sis, careful attention to valuation with broad international research scope, focus on fun-damental trends that create value over the long term, and portfolio holdings screened by third-party to measure corporate perfor-mance on ESG factors

LINCLUDEN INVESTMENT MANAGE-MENT Wayne Wilson, Vice-president; 1275 North Service Rd. W., Ste. 607, Oakville, ON L6M 3G4 PH: 905-825-9000 Fax: 905-825-9525 eMail: [email protected] Web: www.lincluden.com Products/

GENUS CAPITAL MANAGEMENT JP Har-rison, President; 6th Floor – 900 West Hast-ings St., Vancouver, BC V6C 1E5 PH: 604-683-4554 Fax: 604-683-7294 eMail: [email protected] Web: www.genuscap.com Products/Services: Biosphere Dividend Equity, Biosphere CanGlobe Equity, Bio-sphere Corporate Bond Managed Since: 2000 Philosophy/Style: Screened portfo-lios use the same investment approach as traditional mandates, but also integrate environmental, social, and governance factors to screen out companies that do not meet social and environmental crite-ria; portfolios are diversified across sectors and industries

GLC ASSET MANAGEMENT GROUP LTD. Craig Christie, Vice-president, Institutional Investment Counselling; 100 Osborne St. N., Winnipeg, MB R3C 3A5 PH: 204-946-4083 Fax: 204-946-8818 eMail: [email protected] Web: www.glc-amgroup.com Products/Services: Great-West Life Eth-ics Fund 9.02G, Great-West Life Socially Responsible Canadian Bond Fund 16.02G, Great-West Life Commercial Mortgage Fund Managed Since: 2000 Canadian Clients: 127 policies Philosophy/Style: SR Equity Fund – Invests in shares of publicly traded Canadian companies that conduct business operations in a socially responsible manner, according to ‘ethical’ screens, that show strong growth prospects; some exposure to foreign com-panies that meet these criteria; integrated top-down, bottom-up style; SR Bond Fund – Invests in Canadian federal and provincial government debt obligations and an ‘ethical’ screened listing of medium-to-high-quality corporate debt securities

GUARDIAN ETHICAL MANAGEMENT Brian Holland, Senior Vice-president, Cli-ent Services; 199 Bay St., Commerce Court W., Ste. 3100, Toronto, ON M5L 1E8 PH: 416-350-3146 Fax: 416-364-9634 eMail: [email protected] Web: www.gemportfolios.com Products/Services: Cana-dian Equity Pool, Global Equity Pool, Fixed Income Pool, Balanced Pool Managed Since: 2005 Canadian Clients: 9 Philosophy/Style: Believes that engaging management is the most effective approach to change in cor-porate practices



mailto:tony.ioanna%40dfs.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:tony.ioanna%40dfs.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.desjardinslifeinsurance.comhttp://www.desjardinslifeinsurance.commailto:dpennycook%40fieracapital.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.fieracapital.comhttp://www.fieracapital.commailto:ddgregoire%40leggmason.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.leggmasoncanada.commailto:lisa.caswell%40lba.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.lba.camailto:wayne.wilson%40lincluden.net?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:wayne.wilson%40lincluden.net?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.lincluden.commailto:jharrison%40genuscap.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:jharrison%40genuscap.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.genuscap.comhttp://www.genuscap.commailto:craig.christie%40glc-amgroup.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:craig.christie%40glc-amgroup.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.glc-amgroup.comhttp://www.glc-amgroup.commailto:bholland%40guardiancapital.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.gemportfolios.comhttp://www.gemportfolios.comhttp://www.desjardinslifeinsurance.comhttp://www.fieracapital.comhttp://www.gemportfolios.comhttp://www.lincluden.comhttp://www.leggmasoncanada.com


Services: Canadian Equities, U.S. Equities, MSCI EAFE, MSCI World Managed Since: 2012 Canadian Clients: 1 Philosophy/Style: Value investors that believe while financial markets are efficient in the long term, they can be inefficient in the short- to medium-term; financial markets will often misprice the stock price of a company in the short run, giving an investor the opportunity to buy securities at a discount to their eco-nomic or intrinsic value

MFS MCLEAN BUDDEN Christine Girvan, Managing Director, Sales, Canada; 77 King St. W., 35th Floor, Toronto, ON M5K 1B7 PH: 416-361-7273 Fax: 416-862-0167 eMail: [email protected] Web: www.mclean-budden.com or www.mfs.com Products/Ser-vices: Pooled Funds – Balanced Fund, Fixed Income Fund, Canadian Equity Fund, Global Research Fund – also offers customized screening for separate portfolios Managed Since: 2000 Canadian Clients: 12 Philoso-phy/ Style: Investment strategy that seeks to maximize long-term financial return through investments in companies that more consistently promote environmental stewardship, consumer protection, human rights, and diversity

MONTRUSCO BOLTON INVESTMENTS INC. Richard Guay, Senior Vice-president; 1501 McGill College Ave., Ste. 1200, Mon-treal, QC H3A 3M8 PH: 514-282-5465 Fax: 514-282-2516 eMail: [email protected] Web: www.montruscobolton.com Products/Services: Fundamentally-man-aged equity strategies – Canadian Equities: Small Cap, All Cap, Large Cap, Dividend; U.S., EAFE & Global Markets Managed Since: 2005 Canadian Clients: 6 Philoso-phy/ Style: Fundamentally managed equity mandates invest in and hold for the long-term excellent, growth-oriented companies; portfolios are constructed with a bottom-up perspective and an emphasis on growth; sectors are a consideration from a risk per-spective, but not a main driver in portfolio construction

PHILLIPS, HAGER & NORTH INVEST-MENT MANAGEMENT* John Skeans, Head of Consultant Relations (Canada); 20th Floor, 200 Burrard St., Vancouver, BC V6C

Fund; Segregated Investment Services Managed Since: SRI accounts on a seg-regated basis – early 1990s, Community Values Funds – 2002, RBC Jantzi Funds – 2007 Canadian Clients: 2 Philosophy/Style: Funds are modeled after the firm’s ‘core’ funds and managed according to the Com-munity Values Investment Principles, which

3N5 PH: 604-408-6238 Fax: 604-685-5712 eMail: [email protected] Web: www.phn.com SRI Products/Services: Pooled Investment Services using Community Values Funds – Balanced Fund, Bond Fund, Canadian Equity Fund, Global Equity Fund, RBC Jantzi Balanced Fund, RBC Jantzi Cana-dian Equity Fund, RBC Jantzi Global Equity



http://www.lincluden.commailto:cgirvan%40mfsmb.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.mcleanbudden.comhttp://www.mcleanbudden.comhttp://www.mfs.commailto:guayr%40montruscobolton.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:guayr%40montruscobolton.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.montruscobolton.comhttp://www.montruscobolton.commailto:data%40phn.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.phn.comhttp://[email protected]:wayne.wilson%40lincluden.net?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20responsemailto:[email protected]://www.lincluden.com


are applied to a company’s environmental, social, and governance record; investments are not made in companies that score poorly against the criteria in the investment principles; the RBC Jantzi funds utilize Sus-tainalytics to implement ESG criteria in the funds’ investment process*Part of RBC Global Asset Management Inc.

Clean Energy Fund, Timber Fund Managed Since: 1998 Philosophy/Style: Believes in building portfolios for investors that satisfy their environmental and social objectives for sustainable investment without sacrific-ing performance relative to a conventional active portfolio

RENEWAL FUNDS Nicole Bradbury, Vice-president; 500-163 West Hastings St., Van-couver, BC V0N 2E0 PH: 604-424-9940 Fax: 604-844-7441 eMail: [email protected] Web: www.renewalfunds.com Products/Services: Canadian Limited Part-nership U.S. Limited Partnership, Canadian Trust for investors to invest in early-stage social and environmental mission-based businesses Managed Since: 1994 Philoso-phy/Style: Invests in early-growth stage companies, in Canada and the U.S., cre-ating portfolios designed to deliver above market financial returns at a lower risk profile than traditional venture capital funds while delivering strong social and environmental performance; building upon its experience investing in successful high-impact businesses since 1994, it focuses on underfunded sectors of organic and natural food, green products, and envi-ronmental innovation; sectors critical to a sustainable economy where it can support meaningful shifts in consumer behavior; supports passionate, experienced change-agent entrepreneurs, whose business it can help grow with its capital, networks, and expertise

SARONA ASSET MANAGEMENT INC. Gerhard Pries, Managing Partner, 110 Frobisher Dr., Waterloo, ON N2V 2G7 PH: 519-883-7557 eMail: [email protected] Web: www.saronafund.com Products/Services: Private Equity in Frontier and Emerging Markets, Small/Mid-market companies, structured as diversified fund-of-funds, for accredited investors only Managed Since: 1953 Philosophy/Style: Targeting top-quartile returns with strong ethical, social, and environmental values

PICTET ASSET MANAGEMENT LTD. John Maratta, Senior Vice-president; 1000 de la Gauchetiere W., Ste. 3100, Montreal, QC H3B 4W5 PH: 514-288-0253 Fax: 514-288-5473 eMail: [email protected] Web: www.pictet.com SRI Products/Services: Core Strategies – Bonds, Equities, Bal-anced; Thematic Products – Water Fund,


�[email protected]

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mailto:nicole%40renewalfunds.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:nicole%40renewalfunds.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.renewalfunds.commailto:info%40saronafund.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:info%40saronafund.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.saronafund.commailto:mtl-inst%40pictet.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.pictet.commailto:jmclaine%40powershift.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.gemportfolios.commailto:bholland%40guardiancapital.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:[email protected]://www.gemportfolios.com



STANDARD LIFE INVESTMENTS INC. Jay Waters, Vice-president, Central Canada; 121 King St. W., Ste. 810, Toronto, ON M5H 3T9 PH: 416-367-2049 Fax: 416-367-1329 eMail: [email protected] Web: www.sli.ca Products/Services: Offers sepa-rate accounts according to screening crite-ria specified by the client. Managed Since: 1999 (globally)

TD ASSET MANAGEMENT INC.* Mark Cestnik, Head of Relationship Management; 161 Bay St., 34th Floor, Toronto, ON M5J 2T2 PH: 416-983-7088 eMail: [email protected] Web: www.tdaminstitutional.com Products/Services: Global Sustainability Fund Managed Since: 2007 Philosophy/Style: Invests in a combination of companies from around the world viewed as best-in-class with respect to environmental stewardship, stake-holder management, and/or corporate gov-ernance, and/or emerging specialists in clean energy technology and resource efficiency*A wholly-owned subsidiary of The Toronto-Dominion Bank

UBS GLOBAL ASSET MANAGEMENT David Coyle, Executive Director; 161 Bay St., Ste. 4000, Toronto, ON M5J 2S1 PH: 416-681-5200 Fax: 416-681-5100 eMail: [email protected] Web: www.ubs.com Products/Services: Global Sustainable Equity Offered Since: 1997 Philosophy/Style: Global Sustainable Equity invests in attractively val-ued companies with strong fundamental valuation as well as a long-term sustainable business model; strategy is actively posi-tioned to benefit from themes such as water and energy conservation and demographics

information pertaining to each company in the portfolio Managed Since: 2002 Philoso-phy/Style: Company research and portfolio audits provided on the basis of environmen-tal, social, governance, and ethical values selected by the client

MERCER Jane Ambachtsheer, Partner; 161 Bay St., Toronto, ON M5J 2S5 PH: 416-868-2659 Fax: 416-868-2131 eMail: [email protected] Web: www.mercer.com/ri Products/Services: Educating Investors, PRI Implementation and Report-ing, Integrating RI / ESG Considerations into Investment Policy and Manager Selection, Assessing ESG-related Capabilities of current or prospective managers, Assessing ESG Risks and Opportunities at the portfolio level, Cli-mate Change Scenarios and Strategic Asset Allocation, Developing and Monitoring an approach to active ownership, Selecting Sus-tainability-themed Manager Managed Since: 2004 Canadian Clients: 33 SRI Philosophy/ Style: Drawing on Global RI expertise, the firm focuses on each client’s unique circumstances and objectives in providing advice and the tools needed to identify and integrate envi-ronmental, social, and governance factors throughout the investment process

SUSTAINALYTICS Sarah Smith, Senior Responsible Investment Advisor; 124 School St., Ste. 803, Boston, MA 02108 eMail: [email protected] Web: www.sus-tainalytics.com SRI Products/Services: Com-pany research on environmental, social, and governance performance including Company Profiles, Global Compact Compliance, Con-troversial Weapons Involvement, Country Risk, Industry Reports, PRI Signatory Advisory Services, Advisory Services Managed Since: 1992 Canadian Clients: 9 Philosophy/Style: Global provider of ESG research and analysis for investors and financial institutions; offers a global perspective, underpinned by local expertise in the responsible investment mar-ket; provides clients with solutions and are responsive to their needs BPM

WELLINGTON MANAGEMENT COM-PANY, LLP Susan Pozer, Vice-president; Director, Canada, Global Relationship Group; 280 Congress St., Boston, MA 02210 PH: 617-790-7441 Fax: 617-263-4100 eMail: [email protected] or [email protected] Web: www.wellington.com Products/Services: SRI guidelines are cli-ent directed; firm is willing to discuss those guidelines for most of its U.S., Global, Inter-national Equity, and Fixed Income products; firm is also a signatory to the UN PRI. Man-aged Since: 1994 Philosophy/Style: Assists clients in the development of investment ‘screens’ or complete investment styles that seek to achieve specified investment goals while complying with the restrictions

GROUPE INVESTISSEMENT RESPON-SIBLE INC. Olivier Gamache, CEO; 255 St. Jacques St. 3rd Floor, Montreal, QC H2Y 1M6 PH: 514-448-5400 Fax: 514-448-5558 eMail: [email protected] Web: www.gir-canada.com Products/Services: Proxy Voting Services – Voting recommendations are available to clients using the CAUCUS policy; Research Services – GIR Note to Professionals Newsletter, Corporate Issues Report, Portfolio Review, ESG Monitoring, Ad hoc Research; Consultation Services – Developing Integration Tools or ESC Fil-ters, Developing a Voting-right Exercise or SRI Policy, Financial Product Development Managed Since: 2001 Canadian Clients: 10 Philosophy/Style: Guides clients through the environmental, social, and corporate-gover-nance issues that affect public companies

INVESTING FOR THE SOUL Ron Robins, Founder & Analyst; 7625 Ronnie Cres., Niag-ara Falls, ON L2G 7M1 PH: 289-271-0873 eMail: [email protected] Web: http://investingforthesoul.com Products/Ser-vices: Company Research Service – Provides company specific assessments and informa-tion related to values, i.e. ESG (environmen-tal, social, and governance values), that the client selects; Portfolio Audit Service – Helps determine for the owner of any given portfo-lio, whether or not a particular set of values, i.e. ESG (environmental, social, and gover-nance values), are properly reflected in the holdings; provides specific assessments and

seRvices


For complete directory information, visitwww.bpmmagazine.com/benefits_directories.html �

mailto:jay.waters%40standardlife.ca?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.sli.camailto:mark.cestnik%40tdam.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:mark.cestnik%40tdam.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.tdaminstitutional.comhttp://www.tdaminstitutional.commailto:david.coyle%40ubs.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.ubs.commailto:jane.ambachtsheer%40mercer.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:jane.ambachtsheer%40mercer.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.mercer.com/rihttp://www.mercer.com/rimailto:sarah.smith%40sustainalytics.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:sarah.smith%40sustainalytics.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.sustainalytics.comhttp://www.sustainalytics.commailto:smpozer%40wellington.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:mig%40wellington.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20mailto:mig%40wellington.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.wellington.commailto:info%40gir-canada.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.gir-canada.comhttp://www.gir-canada.commailto:ronr%40investingforthesoul.com?subject=Re%3A%20A%20Benefits%20And%20Pensions%20Monitor%20August%202013%20digital%20issue%20response%20http://www.investingforthesoul.comhttp://www.mercer.com/rihttp://www.ubs.comhttp://www.sli.cahttp://www.tdaminstitutional.comhttp://www.bpmmagazine.com/benefits_directories.htmlhttp://www.bpmmagazine.com/benefits_directories.html


1Based on simulated and live returns of 23 years of Canadian equity history and 15 years of global equity history ending December 31, 2012. Actual returns may vary. 2Retail and institutional assets combined as of February 28, 2013TD Asset Management Inc. (TDAM) is a wholly-owned subsidiary of The Toronto-Dominion Bank (TD Bank).®/ The TD logo and other trade-marks are the property of The Toronto Dominion Bank or a wholly-owned subsidiary, in Canada and/or other countries.

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