October 2014 Sustainable Stock Exchange Highlights

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GENERAL NEWS

WFE ELECTS NEW CHAIRMAN, APPROVES NEW MEMBERS
October 28, 2014
Following the World Federation of Exchanges’ (WFE) annual meeting in Seoul, South Korea, the WFE announced that Juan Pablo Cordoba, the CEO of the Bolsa de Valores de Colombia, will become chairman of the WFE.  BATS Global Markets, Bahrain Bourse, Euronext and the Nigerian Stock Exchange were approved as new members, increasing the WFE’s membership to 64.
http://bit.ly/1DwcWyG

WFE CEO STEPS DOWN
October 27, 2014
Husein Erkan, CEO of the World Federation of Exchanges, announced his retirement during the WFE annual meeting in South Korea. Nadini Sukumar, Chief Administrative Officer, will oversee the WFE until a replacement is found.
http://yhoo.it/1EdwIRv

DEUTSCHE BORSE NAMES NEW CEO
October 27, 2014
Carsten Kengeter, a German native and former UBS and Goldman Sachs executive, will replace the Borse’s current CEO Reto Francioni after Deutsche Borse’s annual meeting next May 2015.
http://bit.ly/1x2x22k

ROBERT HERZ, FORMER FASB CHAIR, APPOINTED DIRECTOR OF SASB
October 21, 2014
Herz, who served for eight years as the chairman of the Financial Accounting Standards Board, will apply his expertise to the Sustainability Accounting Standards Board (SASB), a signal that SASB is gaining momentum and acceptance.
http://bit.ly/1vgdJ29

FORMER SEC COMMISSIONER HIGHLIGHTS SASB AT SSE GLOBAL DIALOGUE
October 14, 2014
Former US SEC Commissioner Elisse Walter, speaking at the Sustainable Stock Exchanges Global Dialogue in Geneva, said she believes that today’s investors demand more than traditional financial information, and that SASB’s framework offers a useful tool for ESG disclosures.
http://bit.ly/1wFhvV1

SSE INITIATIVE LAUNCHES 2014 REPORT ON PROGRESS
October 8, 2014
The UN’s Sustainable Stock Exchanges (SSE) Initiative released its third SSE Report on Progress, which reviews progress and initiatives by the world’s exchanges on sustainability disclosure, and best practices for improving issuer disclosure on ESG matters.
Report: http://bit.ly/1tuSony
Press release: http://www.sseinitiative.org/2014rop/

BOARDS NEED CLEAR SUSTAINABILITY OVERSIGHT, SAYS EY AND NACD REPORT
October 8, 2014
Citing the dramatic increase in relevance and visibility of sustainability issues to corporate strategy, the report offers materials to support corporate boards in overseeing sustainability activities. The report references investor interest in sustainability as a key motivator for improving sustainability disclosure.
http://bit.ly/1vgdTql

SOCIAL STOCK EXCHANGE PREPARES LISTING PLATFORM
October 2, 2014
The Social Stock Exchange, a UK-based organization, announced it will launch a listing platform for social-purpose businesses in 2015, aiming to expand access to impact investments beyond the wealthy. The organization will also support these businesses in getting to scale.
http://bit.ly/10yHILc

CEO WATER MANDATE RELEASES DISCLOSURE GUIDELINES
October 2, 2014
The guidelines, a collaboration between PricewaterhouseCoopers, CDP, the Global Reporting Initiative and the World Resources Institute, aim to harmonize reporting frameworks and provide information on water performance, strategy, risks and opportunities for stakeholders.
http://bit.ly/1yHW8Ur

DEUTSCHE BORSE JOINS SSE INITIATIVE
October 1, 2014
Deutsche Borse joins a wave of exchanges that have recently joined the SSE initiative, including Colombia, Mexico, and Thailand.
http://bit.ly/1wcW3sp

IBGC REVAMPING GOVERNANCE CODE
October 1, 2014
The Brazilian Institute of Corporate Governance (IBGC) is revising its Code of Best Practices in Corporate Governance, which was first published in 1999. The new revision will launch in 2015.
http://bit.ly/1Ggu7s5

CORPORATE KNIGHTS RELEASES THIRD EXCHANGE BENCHMARKING REPORT
October 2014
This latest assessment of global stock exchanges and their issuers’ reporting on seven “first generation” sustainability indicators finds that only 3% of the world’s 4,609 large companies disclose all seven: employee turnover, energy, GHG emissions, injury rate, payroll, waste, and water. The top five exchanges in performance are Helsinki Stock Exchange, Johannesburg Stock Exchange, Euronext Amsterdam, Euronext Paris, and Copenhagen Stock Exchange.
http://bit.ly/1wF8V8U

INDEPENDENT CORPORATE LEADERSHIP SKYROCKETS
October 2014
According to a report from Ernst and Young, the percent of S&P 1500 companies with independent leadership went from 10% in 2000 to 89% in 2013. This rapid shift is partly a result of pressure from institutional investors, who have filed shareholder resolutions on the topic.
http://bit.ly/1rA2Eqy

OECD PAPER RECOMMENDS IMPROVED GOVERNANCE STANDARDS FOR EXCHANGES IN MIDDLE EAST AND NORTH AFRICA
September 30, 2014
While the paper notes progress in regional corporate governance practices, it finds a significant opportunity to improve implementation of guidance. For example, stock exchanges and regulators are encouraged to work together to evaluate compliance and promote transparency in enforcement activities.
http://bit.ly/1rA2KhP

INDIA’S SEBI PROMOTES INTEGRATED REPORTING
September 18, 2014
The chairman of the Securities and Exchange Board of India (SEBI) announced plans to encourage companies to submit integrated reports covering both financial and sustainability risk metrics.  Stating that it is “no longer a question” whether companies will be pressed to produce integrated reports, the chairman stressed the importance of doing so “in a manner not disruptive.”
http://bit.ly/10yHJPm

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LISTING STANDARDS AND GUIDANCE

SINGAPORE MANDATES SUSTAINABILITY REPORTING FOR LISTED COMPANIES
October 17, 2014
At a yearly meeting of the Singapore Compact, Singapore Exchange (SGX) CEO Magnus Bocker announced that sustainability reporting would become mandatory in 2017 or 2018.  Citing the “very slow” uptake of previously released voluntary guidelines, Bocker announced that the exchange will host a one-year consultation to determine the format and content of the mandatory reporting scheme.
http://bit.ly/1wF8KdE

CANADIAN REGULATORS MANDATE GENDER DIVERSITY DISCLOSURE
October 15, 2014
A new amendment approved by nine Canadian provinces and territories will require that all listed companies annually report on policies, processes, targets, and data related to women in board or executive leadership positions.
http://bit.ly/1wLHz4n

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WEBINARS AND EVENTS

NIGERIAN EXCHANGE TO LAUNCH CORPORATE GOVERNANCE RATING SYSTEM
November 3, 2014,
The Nigerian Stock Exchange, working with the Convention on Business Integrity, plans to launch a system of corporate governance ratings, a tool to help firms distinguish themselves and access capital from funds committed to sustainability and good governance. The launch event will be in Lagos Nov. 3rd.
http://bit.ly/1zJxjvH

ACCA HOSTS WEBINAR ON ESG DISCLOSURE REQUIREMENTS AND AFRICAN EXCHANGES
October 16, 2014
The webinar discussed current trends in ESG reporting requirements, as implemented by stock exchanges, with a particular focus on 10 exchanges in sub-Saharan Africa.
Register for Audio: http://bit.ly/1E1H72R

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ESG INDICES AND PRODUCTS

LUXEMBOURG EXCHANGE LISTS FIRST SUKUK IN EUROS
October 7, 2014
The Luxembourg Exchange listed its first sovereign sukuk, the first to be in euros and only the fourth sukuk issued by a non-Muslim country.
http://bit.ly/1tmJU1G

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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 

 

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