March 2015 Sustainable Stock Exchange Highlights

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SSE Regional Dialogue: South East Asia
May 18, 2015
The Sustainable Stock Exchanges initiative dialogue will be held in Bangkok, Thailand.

ICGN Annual Conference
June 3-5, 2015
The annual meeting of International Corporate Governance Network members will feature panels on human rights, long-termism, and governance reforms.

IOSCO Annual Conference
June 14-18, 2015
The International Organization of Securities Commissions (IOSCO) conference will be held in London, and a portion is open to non-IOSCO members.

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Major Revisions in IOSCO Code of Conduct for CRAs
March 24, 2015
The International Organization of Securities Commissions (IOSCO) report, Code of Conduct Fundamentals for Credit Rating Agencies (CRA), includes findings on how to increase CRA transparency and strengthen corporate governance.

South Africa Updating King Code
March 12, 2015
Updates to the King III corporate governance code (now called King IV) will account for domestic and international governance and regulatory developments since the previous version of the code launched in 2009.

Japanese FSA, TSE Finalize Corporate Governance Code
March 5, 2015
The Japanese Financial Services Agency (FSA) and the Tokyo Stock Exchange (TSE) have finalized the Japanese Corporate Governance Code. It includes a focus on “appropriate cooperation with stakeholders other than shareholders,” a promotion of long-term investment, and encourages dialogue with shareholders outside of the AGM process. The Code is principles-based, and on a comply-or-explain basis.
Provisional English Translation:

BSE Launches Guidance for Counting Greenhouse Gas (GHG) Emissions
February 24, 2015
The Bombay Stock Exchange’s GHG Protocol Scope 2 Guidance helps companies measure their CO2e emissions, thus simplifying carbon footprint calculations and better enabling electricity purchases that count towards emission targets.

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ICGN and INSEAD Launching Executive Education Course on ESG
March 19, 2015
Focused on investors and corporate senior executives, the International Corporate Governance Network (ICGN) and INSEAD Business School are developing a course on ESG’s role in creating economic value.

JSE Plans Black Ownership Discussion
March 11, 2015
Following critical comments by South African President Jacob Zuma regarding the lack of black-owned  Johannesburg Stock Exchange (JSE) companies, the JSE and the National Empowerment Fund agreed to cooperate on determining a path towards greater black economic participation.

Nairobi Stock Exchange Joins SSE Initiative
March 10, 2015
The Kenyan exchange has become the 18th member of the UN Sustainable Stock Exchanges (SSE) initiative. CEO Geoffrey Otieno Odundo committed to promoting integrated ESG reporting, on the heels of the market’s 2014 proposed Code of Corporate Governance Practices.

Ceres Launches Water Risk Integration Guide
March 10, 2015
An Investor Handbook for Water Risk Integration offers best practices in incorporating water-related risk into investment decision-making, based on feedback from 35 global interviews with asset owners and fund managers.

Sustainability Investment Is Value Enhancing, Harvard Study Finds
March 9, 2015
According to a Harvard Business School report, Corporate Sustainability: First Evidence on Materiality, good performance on material sustainability issues correlates to higher returns.

Global Stock Exchanges Ring Bells for Gender Equality
March 7, 2015
In recognition of International Women’s Day, exchanges around the world partnered with UN Women, the UN Global Compact, and the Sustainable Stock Exchanges initiative to promote the importance of gender equality.

Germany Sets Quota for Women on Corporate Boards
March 6, 2015
A new German law requires that women make up at least 30% of corporate boards, a move that is also being considered by the European Union.

GRI-CDP Alignment Guidance 
March 4, 2015
The Global Reporting Initiative and CDP have published practical guidance to reduce redundancies for companies using both reporting frameworks.

ICE Extends UK Carbon Auction Contract Through 2017
March 4, 2015
Owned by U.S.-based Intercontinental Exchange (ICE), ICE Futures Europe will host trading of Phase III European Union Allowances and European Union Aviation Allowances.

Bank of England Issues Carbon Asset Risk Warning
March 3, 2015
Explaining how investments in fossil fuels can be negatively impacted by climate change policy, The Bank of England issued a stark warning to insurers.

Borsa Istanbul Going Public
March 3, 2015
The IPO is intended to invigorate the world’s 29th largest equities exchange, which is seen as lagging behind a rapidly expanding Turkish economy. The exchange will list up to 43% of its capital.

Investors Want SGX Stripped of Regulatory Powers
March 2, 2015
Investors in Singapore are calling for the Singapore Stock Exchange (SGX) to cede its regulatory powers. While most for-profit securities exchanges are overseen by independent watchdog organizations, SGX is solely responsible for market regulation and avoiding conflicts between its regulatory and business interests.

Individual Investors Interested in Sustainability
February 27, 2015
71% of individual investors are interested in sustainable investing, according to Morgan Stanley’s Sustainable Signals report, and 72% believe that good ESG performance positively impacts corporate returns.

CTI’s Capex Tracker Tool Highlights Carbon Asset Risk
February 25, 2015
The Carbon Tracker Initiative’s (CTI) capital expenditure (Capex) tracker demonstrates the financial risks of high-cost oil extraction, and is designed to show a company’s impact on climate change.

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SASB Consumption I Disclosure Standards
Comments Due April 12, 2015
The standards will include auditable information to be integrated into regular reports. Consumption I industries include agriculture, beverages, tobacco, and personal care products.

UK Law on Investments in Occupational Pension Schemes
Comments Due April 24, 2015
Comments will refer to Law Review recommendations on distinguishing financial and non-financial investment factors, and the role of stewardship in investment decision-making.

SASB Industry Working Group Forming
Application Due May 6, 2015
The working group will advise SASB’s industry standards development, which cover sustainability disclosure and management practices. Corporations and investors are welcome, as are other stakeholders.

Hong Kong SFC Consults on Principles of Responsible Ownership
Comments Due June 2, 2015
The Hong Kong Securities and Futures Commission (SFC) has released a list of seven non-binding and voluntary principles to guide investor practices related to company ownership.

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Duncan Niederauer Appointed Advisory Director of TeraExchange
March 23, 2015
Niederauer, formerly NYSE Euronext CEO, will provide strategy advice to Tera Group’s derivatives trading platform.

Rainer Riess Appointed Director General of FESE
March 19, 2015
Riess has served as interim Director General at the Federation of European Securities Exchanges (FESE) since August 2014. Before joining FESE, Riess was Managing Director at Deutsche Börse AG.

Nandini Sukumar Appointed CEO of WFE
March 11, 2015
Sukumar, who has been the acting CEO since November 2014, joined the World Federation of Exchanges (WFE) from Bloomberg News, where she covered global stock exchanges.

Khalid Aziz Mirza Named Chairman of Lahore Stock Exchange Board
March 10, 2015
Mirza formerly directed the Securities and Exchange Commission of Pakistan.

Moin Fudda Named Chairman of Islamabad Stock Exchange Board
March 7, 2015
Fudda replaces Muhammad Rashid Zahir, who recently stepped down. He also serves as nominee Director of the Securities and Exchange Commission of Pakistan.

Thomas Kloet Elected to Nasdaq Board of Directors
March 3, 2015
Kloet was TMX Group CEO until October 2014. He has served on numerous boards, including at the World Federation of Exchanges.

Chris Concannon Named CEO of BATS Global Markets
February 26, 2015
Concannon will continue to serve as BATS President, his position since December 2014. Current CEO Joe Ratterman will replace Paul Atkins as Chairman of the BATS Board of Directors.

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Send exchange-related ESG news to Tracey Rembert, Director, Investor Initiative for Sustainable Exchanges: