July 2015 Sustainable Stock Exchange Highlights

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SSE Co-Hosts Regulator Awareness-Raising Meeting in Nigeria
July 2, 2015
The Sustainable Stock Exchanges (SSE) initiative brought together the Nigerian financial regulatory community for a two-day event to increase understanding and build capacity around the concept of Sustainable Finance.

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European Commission Public Consultation on the Circular Economy
Comments due August 20, 2015
A circular economy strategy is sought to make Europe more competitive and resource-efficient in terms of sourcing raw materials, product design, production processes, product lifecycles, and waste management.

Bursa Malaysia Consultation on Issuer Sustainability Disclosure and Amendments to Listing Rules
Comments due August 24, 2015
Aiming to shift from corporate social responsibility reporting to how listed companies actually manage material economic, environmental, and social risks and opportunities, the exchange is seeking feedback on proposed changes to its Listing Requirements and Sustainability Reporting Guide.

Corporate Human Rights Benchmark (CHRB) Seeks Feedback on Indicators
Comments due August 31, 2015
The CHRB is seeking input on the overview, framework, and process used to develop its benchmark, as well as the complete set of indicators for its methodology to rank companies on their human rights performance.

Hong Kong Exchange (HKEx) Consultation on Issuer ESG Disclosure Requirements
Comments due September 18, 2015
As part of its move to a “comply or explain” ESG disclosure regime, HKEx is seeking feedback on proposed amendments to its ESG Guide. The amendments aim to strengthen ESG listing rules and improve reporting amongst issuers so as to meet investor and stakeholder expectations.

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Clawbacks to Become Part of US Listing Requirements
July 1, 2015
Under the US Securities and Exchange Commission’s proposed rule to require issuers that re-state financial results to recover excess executive compensation, stock exchanges must incorporate the requirements into their listing standards.

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World Federation of Exchanges (WFE) Annual Meeting
October 19 – 21, 2015
The 55th WFE General Assembly and Annual Meeting will take place in Qatar. For more information, contact: wfe@world-exchanges.org.

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UK Prime Minister Mandates Companies Disclose Exposure to Slavery and Human Trafficking
July 29, 2015
As of October 2015, all companies doing business in the UK with a turnover of £36 million or more must publish a description of the steps they have taken to eliminate slavery and human trafficking from their operations and supply chain, or they must explain why they have not done so.

Rainforest Action Network (RAN) Guides Japanese Big Banks Through New Corporate Governance Code
July 29, 2015
RAN has issued guidance for how Japanese financial institutions can translate Japan’s new Corporate Governance Code into ESG policy and practice, addressing a range of deforestation and human rights risks.

Soft Commodities Risk Assessment Tool for Investors
July 29, 2015
The Natural Capital Declaration has released a tool to assist financial institutions in reducing deforestation risk caused by the unsustainable production, trade, processing, and sale of commodities such as soy, palm oil and beef.

Hong Kong Exchange’s Listed Companies Assessed on Carbon Disclosures
July 24, 2015
A Trucost analysis found that CO2e emissions reporting rates of 19% among Hong Kong issuers are low compared to the worldwide reporting rate of 45%. The report concludes with recommendations for listed companies, investors, stock exchanges, and regulators on the issuance and use of carbon reporting.

Malaysia Exchange Wants More Local Firms Listed on Its ESG Index
July 24, 2015
With a solid start of 24 firms that meet the criteria to be included in the FTSE4Good Bursa Malaysia Index, the exchange is seeking to attract additional firms that can provide investors with high-quality ESG performance data.

Malaysia Exchange Holds Global Sustainability Forum
July 23, 2015
Bursa Malaysia hosted capital market thought leaders to help chart a course for the Association of South East Asian Nations (ASEAN) sustainable exchange initiative being championed by the bursa.

NGOs to Map Out ESG Disclosure Frameworks in Joint Online Portal
July 22, 2015
The World Business Council for Sustainable Development and the Climate Disclosure Standards Board are developing a pioneering web-based tool to consolidate corporate ESG disclosure standards. To get involved in the project, contact Andy Beanland or Luke Blower.

TruValue Labs’ ESG Data Now Available for NYSE and Nasdaq Issuers
July 22, 2015
As a result of client demand, TruValue Labs, a technology company that provides ESG analytics “at the speed of current events,” is now covering all companies traded on the NYSE and Nasdaq exchanges.

WFE Survey Finds Investor Interest in ESG Practices on the Rise
July 22, 2015
With statistics like 39% of exchanges receiving ESG-related queries from investors, the World Federation of Exchanges (WFE) survey reveals that use of ESG data is becoming widespread among global capital market participants.

Trading Platform IEX to Apply for US Exchange Status
July 21, 2015
IEX Group Inc., an upstart private trading venue, which pitches itself as an antidote to the influence of high-frequency traders, claims it can better stop rapid-fire trading firms than NYSE, Nasdaq, and BATS. (paywall)

BM&FBOVESPA’s “Report or Explain” Regime Passes 75% Hurdle
July 14, 2015
Efforts undertaken by companies listed on the BM&FBOVESPA exchange to publish ESG reports rose for the fourth consecutive year, from 71.65% to 77.64%.

Nigerian Stock Exchange (NSE) Publishing First Sustainability Report 
July 13, 2015
Noting its commitment to increased disclosure, stakeholder engagement, and thought leadership as essential to its sustainability framework and business strategy, NSE issued its first sustainability report.

A Roadmap for Tackling Fiduciary Duty in ESG Integration
July 9, 2015
This audio recording of a webinar hosted by the Principles for Responsible Investment presents findings on the extent to which fiduciary duty is a barrier to responsible investment, as well as recommendations on how to overcome the obstacles.

BM&FBOVESPA Issues Results of Its Corporate Governance Program for State-Run Companies
July 1, 2015
Seeking to restore investors’ confidence and reduce state-run companies’ fundraising costs, the exchange’s program was created to improve the provision of information from, and the corporate governance structures of, state-run companies.

Sustainability Accounting Standards Board Releases Consumption I Standards
June 30, 2015
The latest materiality-based indicators cover seven sectors: Agricultural Products, Meat, Poultry and Dairy, Processed Foods, Non-Alcoholic Beverages, Alcoholic Beverages, Tobacco, and Household and Personal Products.

Fines Are Less for Socially Responsible Firms in the US
June 26, 2015
Princeton economists H. Hong and I. Liskovich found that the more socially responsible the US company, the lower the fine assessed for bribing foreign governments by the US Department of Justice and the SEC.

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London Stock Exchange Launches Green Bond Segments
July 8, 2015
Spanning Regulated Markets and Multi-lateral Trading Facilities for both retail and wholesale investors, issuers will be provided with a full suite of solutions to support green bond issuance across listed markets and trading models.

VCAM Launches Malaysian ESG Opportunity Fund
July 7, 2015
Benchmarked against the FTSE4Good Bursa Malaysia Index, asset management firm VCAM launched a fund comprising companies that exhibit long-term outperformance of the market in line with Malaysia’s efforts to maintain equitable and sustainable domestic capital markets.

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New CEO at Investor Group on Climate Change (IGCC)
July 10, 2015
Starting on 10 August 2015, Emma Herd will bring experience translating policy into sustainability practice as CEO of the group of Australian and New Zealand investors that push for climate change action.

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This is a monthly newsletter courtesy of Ceres’ Investor Network on Climate Risk and the UN Sustainable Stock Exchanges Initiative. To subscribe, click here
Send exchange-related ESG news to Tracey Rembert, Director, Investor Initiative for Sustainable Exchanges: rembert@ceres.org