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        Links may only be valid for a limited time                                                    April 24, 2014

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These 50 Companies Are The Champions Of The World. "The list was compiled by having all of Citi's analysts contribute candidates, before a "selection committee" whittled the list down to 50. Among the well-known names on the list: eBay, Apple, American Express, inBev, Gilead, Starbucks, and Schlumberger."

[COMMENTARY] Though I haven't analyzed who is on the list, I suspect the majority of these companies are in most ethical portfolios. Still, it might be interesting for some ethical investors to review the list. It's likely that the companies listed are also the peer leaders in their respective industries.
These 50 Companies Are The Champions Of The World, by Joe Weisenthal, April 20, 2014, Business Insider, USA.

European Parliament approves green reporting rules for 6,000 firms. "Large businesses across Europe will soon have to report on a raft of non-financial metrics, including their environmental performance and human rights policies, after the European Parliament overwhelmingly approved long-awaited new corporate reporting rules."

[COMMENTARY] Again, Europe leads the US in CSR! This time large European companies are now mandated to report their CSR activities and results. Again though, as I understand the legislation and the various reporting vehicles that can be used by companies, there's no requirement for outside independent verification of exactly what any individual company reports. Furthermore, with the variety of reporting frameworks that can be used, there's no standardization in reporting either. Despite these substantial concerns, I welcome this legislation wholeheartedly. Furthermore, since most of these companies operate in the US, Japan, etc., and many large US companies have huge European operations, this legislation will have enormous spillover effects to numerous non-European headquartered multi-national companies.
European Parliament approves green reporting rules for 6,000 firms, by James Murray, April 16, 2014, BusinessGreen, UK.

UK Legal opinion on ethical investing (for local government pension funds) is welcome but confusion remains. "Can pension funds accommodate ethical concerns when making investment decisions? For many years this question has concentrated the minds of lawyers, investment advisors and trustees. In advice published this week, Nigel Giffin QC confirmed that as long as there would be no financial disadvantage in doing so, local government pension funds could ditch particular holdings, like tobacco, on ethical grounds."

[COMMENTARY] As in many jurisdictions, basing pension fund investment decisions on ethical grounds runs into questions concerning fiduciary duty which is usually understood to mean that financial returns are what matters and ethical concerns don't really count. For the UK, at least as regards to local government pension funds, the situation is clarified somewhat. But challenges to such a fund using ethical criteria might still be made if the ethical investments don't make appropriate returns! That's still a big issue for these fund's trustees.
Legal opinion on ethical investing is welcome but confusion remains, by David Clarke, April 16, 2014, Pensions Insight, UK.

Green Bond Principles Governance Framework Announced. "The governance framework of the recently-created Green Bond Principles was released today, with the support of 25 international financial institutions. The voluntary guidelines will allow for diverse stakeholder input into the Principles, provide effective oversight, and support their further development, the International Capital Markets Association, which will provide administrative duties for the project, said in a release."

[COMMENTARY] This is a terrific development. Green bonds are going to be huge in the years ahead and it's important that they incorporate some standardization. For instance, when can you call a bond a green bond? What defines that? Anyhow, with so many green bonds about to be issued in the future it's good that these standards are coming out now. It's really good news too for ethical investors who would like to replace some portion of their fixed income portfolios with green bonds.
Green Bond Principles Governance Framework Announced, April 14, 2014, Doug Watt, SRI Monitor, Canada.

RepRisk: The Most Controversial Companies of 2013. "In the course of 2013, RepRisk has detected news on thousands of companies across the globe in relation to their environmental, social and governance (ESG) risks. This report analyzes documented negative incidents, criticism and controversies related to the 10 firms that received the highest Reputational Risk Index (RRI) in 2013... The information has been captured and systematically analyzed from a wide range of third-party sources including online and print media, NGOs, government agencies, blogs and more."

[COMMENTARY] Their most controversial companies include: HSBC Holdings PLC, GlaxoSmithKline PLC, BNP Paribas SA and Samsung Group. Ethical investors might want read what RepRisk says about each of the ten worst companies they write about.
The Most Controversial Companies of 2013, April 2014, RepRisk, Switzerland.

More institutional investors consider ditching fossil fuel stocks. "Investors have been continuing the trend toward environmental activism during the current proxy season, with more shareholder resolutions on environmental issues being filed in 2014 than any previous year."

[COMMENTARY] At the margin, I expect continued momentum towards disinvestment in fossil fuel companies. I say 'at the margin' because until the average voter starts to demand that their politicians legislate carbon taxes, trading and or caps, not much of significance is going to happen. Paralleling this would be the average consumer being happy with paying much higher gas prices for their vehicles and homes. It's going to require many more extreme weather events to convince them of that! But it will happen, but who knows when. Consider this too. Look at America's euphoria concerning shale gas and oil and then realize the enormous uphill battle disinvestment faces!
More institutional investors consider ditching fossil fuel stocks, by Glen Yelton, April 9, 2014, GreenBiz, USA.

Brits plan to up socially responsible investment in new financial year. "Just over a quarter of Brits want their savings and investments to be more socially responsible this year, according to a survey from ethical bank Triodos."

[COMMENTARY] For those of you who don't know Triodos, it's one of the few UK banks that specialize in ethical loans and investments. It is a pioneering bank in many ways and it's good to see them engaged in so many surveys of this kind. This survey demonstrates the growing interest by UK investors in ethical investing.
Brits plan to up socially responsible investment in new financial year, Charlotte Malone, April 10, 2014, Blue & Green Tomorrow, UK.

Citigroup says the ‘Age of Renewables’ has begun. "Investment banking giant Citigroup has hailed the start of the 'age of renewables' in the United States, the world’s biggest electricity market, saying that solar and wind energy are getting competitive with natural gas peaking and baseload plants – even in the US where gas prices are said to be low."

[COMMENTARY] For Citigroup to come out and say this indicates that big finance is realizing the days of carbon-based energy utilities are closing. Furthermore, with their huge and unpredictable fixed costs etc., nuclear energy is going nowhere. Even China and India are switching massively to renewables. This suggests that carbon-free portfolios could outperform in future years--even in Canada. See below.
Citigroup says the ‘Age of Renewables’ has begun, by Giles Parkinson, reneweconomy, USA.

Carbon-free portfolios can outperform, even in Canada: study. "The returns of a carbon-free portfolio can closely mimic – even outperform – the returns of a broad market index, according to a study by Aperio Group. Annualized returns of Aperio’s hypothetical carbon-free portfolio in Canada were 9.23% over a 13-year period between 2000 and 2013, compared with 8.38% for the S&P/TSX Composite Index."

[COMMENTARY] Constructing a broad market carbon-free index in Canada is a real challenge, given the huge weightings of carbon-based companies in most Canadian broad market indices. Yet, Aperio found it could be done and still able to outperform the major Toronto Stock Exchange's S&P/TSX Composite Index! It's very reassuring for Canadian ethical investors who want to invest primarily in their home market.
Carbon-free portfolios can outperform, even in Canada: study, by Doug Watt, April 8, 2014, SRI Monitor, Canada.

European study finds no performance differences in SRI portfolios. "A study by European asset manager Amundi concludes that incorporating SRI to the investment process produces no significant underperformance or over-performance. In addition, the study says, the inclusion of SRI criteria does not produce a significant cost on either the European or global investment universes. 'Furthermore, some SRI factors are likely to become more important in the future, with differences in corporate practices having considerable impacts on profitability. SRI management can therefore be a relatively cost-free way to benefit from this evolution.'"

[COMMENTARY] I think the last part of the above quote is significant. Many SR-ethical investors are going to be much better positioned to ride the growing wave of investment industry interest in ESG/CSR matters.
European study finds no performance differences in SRI portfolios, by Doug Watt, April 3, 2014, SRI Monitor, Canada.

Affluent Investors to Socially Responsible Investing: We're Just Not That into You. "Just three-in-ten of households with a net worth between $1 million and $4.9 million (not including primary residence) consider social responsibility to be a primary investment factor. It is even less of a consideration for high net worth investors with a net worth between $5 million and $24.9 million (25 percent). Socially responsible investing is a higher priority among non-Millionaires with a net worth of a least $100,000."

[COMMENTARY] These survey findings are unsurprising to me. I've seen several studies that show the very wealthy tend to be a little bit more selfish and willing to cheat a bit more for material gains--than those less well-off. However, even at 25% of the high net worth investors being interested in SRI are very significant! Were they to actually follow through with their values, SR-ethical investing would get a terrific lift.
Affluent Investors to Socially Responsible Investing: We're Just Not That into You, April 4, 2014, Millionaire Corner, USA.

Norway wealth fund to ramp up renewable energy investments. "Norway's $860 billion oil fund should scale up its investments in renewable energy and weigh the risk to future returns posed by climate change, the finance ministry said on Friday, a shift green groups said was insufficient. The switch is part of government reforms of the fund - the biggest of its kind in the world - that also include changes to its ethical guidelines and a review of its activities in emerging markets."

[COMMENTARY] This unique fund has been a great example of applying ethical investing principles to it its assets. Now, the new right wing veering Norwegian government is scraping the committee that had that responsibility and that ethical decisions will now be made by the fund itself. It remains to be seen if they'll uphold the previous ethical principles. Furthermore, less than 1% of the funds assets are to be invested in renewable energy. That's just plain pitiful!
UPDATE 3-Norway wealth fund to ramp up renewable energy investments, April 4, 2014, Reuters, Norway.

Clicking Clean: How Companies are Building the Green Internet. "Here’s who hosts some of the internet’s most popular sites and services in their data centers – and whether those companies are using dirty or clean energy."

[COMMENTARY] Greenpeace has researched and rated internet related companies concerning their green energy usage. Google, Apple and Facebook do best. Amazon, eBay and Microsoft don't do so well.
Your Online World: #ClickClean or Dirty? April 2014, Greenpeace, USA.

Australia: reporting ‘misrepresents’ business sustainability. "Analysis undertaken for Catalyst Australia found inconsistencies between how companies ranked their application of widely-used sustainability guidelines and publicly available information used to verify this... mining giant Rio Tinto and biotechnology firm CSL had the most inconsistencies in their reporting, with 50% of Rio Tinto’s report based on information that was either missing or unexplained."

[COMMENTARY] Without external, independently audited ESG/CSR reports, such reporting inconsistencies are not uncommon. This is a good article on the difficulties posed for companies as well as what stakeholders want concerning these reports.
Reporting ‘misrepresents’ business sustainability: study, by Kylar Loussikian, March 30, 2014, The Conversation, Australia.

CFAs Poll: Which ESG Factors Are You Most Able to Include in Your Investment Decisions? "When we asked subscribers of the CFA Institute Financial NewsBrief which type of issues they are most capable of including in their investment decisions, governance issues topped the list... (which 45% of respondents chose) tend to apply to companies regardless of the type of business they are in, and they seem to be easier to relate to than environmental issues (which 16% of respondents chose) and social issues (which 6% of respondents chose). But a third of our 509 respondents reported that they do not include ESG issues in investment decisions at all. It is not clear why."

[COMMENTARY] Usman Hayat, the author of this piece speculates that because CFAs are quantitatively based and usually with a short-term orientation, that such an analytical framework doesn't work well for ESG issues which are usually long-term in nature. This reminds me of economists with their economic modelling. Trying to put human action--the buying of stocks, etc.--into quantitative modeling and forgetting about all other factors, is absurd. How many of these quant types forecast the 2008/9 financial crises!

As remarked here some weeks ago, for CFAs to be really useful in our new era, their training needs to incorporate much about how to analyze and measure ESG factors.
Poll: Which ESG Factors Are You Most Able to Include in Your Investment Decisions? By Usman Hayat, March 27, 2014, Blogs/CFA Institute, USA.

World’s Largest Investors Launch Effort to Engage Global Stock Exchanges on Sustainability Reporting Standard for Companies. "Sustainability advocacy group Ceres, in collaboration with BlackRock and other major institutional investors, today announced an initiative to engage global stock exchanges via the World Federation of Exchanges (WFE) on a possible uniform reporting standard for sustainability reporting by all exchange members."

[COMMENTARY] Ceres is doing all ethical investors a terrific service by getting-on-board the likes of Blackrock and other major institutional investors to coax exchanges to higher sustainability standards. We can only wish them well in this endeavour.
World’s Largest Investors Launch Effort to Engage Global Stock Exchanges on Sustainability Reporting Standard for Companies, press release, March 26, 2014, Ceres, USA.

Canadian proxy voting survey produces encouraging signs for investors. "SHARE’s annual proxy voting survey resulted in the highest response rate and highest average score since 2005, suggesting that investment managers and proxy voting services are more willing to vote against management’s recommendations when they believe it is in the best interests of investors."

[COMMENTARY] 'Say-on-pay' proxies at shareholder meetings are big. Hopefully, these proxy proposals will continue to gain in number and strength so that companies take much more seriously ESG issues.
Proxy voting survey produces encouraging signs for investors, by Doug Watt, March 26, 2014, SRI Monitor, Canada.

World Federation of Exchanges (WFE) Launches Sustainability Working Group. "The World Federation of Exchanges (WFE) has formed a new sustainability working group at its Working Committee meeting in Mumbai last week. The new Sustainability Working Group is comprised of representatives from a diverse array of global stock exchanges with a mandate to build consensus on the purpose, practicality, and materiality of Environmental, Social, and Governance (ESG) data."

[COMMENTARY] It's clear that stock exchanges prefer to act in unison with regards to sustainability reporting for their listed companies. This is good in that companies can decide where to list their stock on factors other than reporting requirements. However, this also means that exchange company sustainability reporting requirements might be only as robust as are acceptable to the largest number of exchanges.
World Federation of Exchanges (WFE) Launches Sustainability Working Group, press release, March 25, 2014, USA.

Thomson Reuters release Islamic Social Finance Report. "The report is the first of its kind study covering Islamic social finance across countries in South and Southeast Asia with sizeable Muslim populations including Indonesia, India, Pakistan, Bangladesh, Malaysia, Singapore and Brunei Darussalam.
The report studies the historical trends, legal and regulatory environment, supporting infrastructure, success stories, good practices and potential of Islamic social finance by key players in Zakah and Awqaf.
According to the report, Islamic social funds could potentially meet resource shortfalls to alleviate widespread poverty in South and Southeast Asia."

[COMMENTARY] The Thomson Reuters report is a landmark study on Islamic social finance. It provides insight as to how Islamic social finance could bring countless millions of people out of poverty.
Thomson Reuters release Islamic Social Finance Report, by Matthew Amlôt, March 25, 2014, CPI Financial, UAE.

A Ranking of Top Executives by Their Employees. "The chief executives of LinkedIn, Ford Motor Company, Northwestern Mutual, Goldman Sachs and Intuit were among the top scorers this year in Glassdoor’s ranking of the leaders at 51 big companies. Yahoo and General Electric anchored the bottom of the list."

[COMMENTARY] Such a ranking could be useful in assessing what companies to invest in. When a company's employees think highly of their executives you know that company has a loyal and likely motivated work force. Employees like that are usually innovative and highly productive. And profits usually follow.
A Ranking of Top Executives by Their Employees, by Elizabeth Olson, March 25, 2014, Dealbook, The New York Times, USA.

More than two-thirds of (UK) firms say sustainability is a key driver for growth. "The Verdantix survey comprised 150 executives from 20 industry sectors including retail and consumer products, consumer services, manufacturing, business and financial services, oil and gas, utilities and mining. It found that although 70% of businesses identified sustainability as a key driver for growth, only 51% believe that sustainability issues will impact their firm’s financial performance over the next two years."

[COMMENTARY] Measuring sustainability initiatives on financial performance is a problem--and often a long-term one. Hence, it could be a factor why 71% of those executives believing in sustainability as key to growth see it not impacting their firms' financial performance in the next two years. Also, the survey notes continuing and increasing spending on sustainability, which is wholly positive for British industry. Alas though, the actual spending is still well below where it needs to be for companies and humanity to create a real sustainable future.
More than two-thirds of firms say sustainability is a key driver for growth, by ClickGreen staff, March 24, 2014, ClickGreen, UK.

Speaking of Corporate Social Responsibility. "This paper suggests that the way in which corporations use language is a strong predictor of their CSR and sustainability practices."

[COMMENTARY] Many experts believe that language shapes our thoughts and behaviour. This is an extension of that. Perhaps companies, particularly multi-nationals, might adopt the language or languages that best suit their corporate missions? However, I suspect it'll take a lot more research before companies act on that idea. It is interesting research though.
Speaking of Corporate Social Responsibility, by Hao Liang, Christopher Marquis, Luc Renneboog, and Sunny Li Sun, March 21, 2014, Harvard Business School, USA.

America's 100 Most Trustworthy Companies. "To develop the ranking, GMI reviews the accounting and governance behaviors of more than 8,000 publicly-traded companies in North America. In assessing each company, GMI considers factors including high risk events, revenue and expense recognition methods, SEC actions, and bankruptcy risk as indicators of a company’s credibility."

[COMMENTARY] GMI's methodology is good and covers large, mid and small cap companies.
America's 100 Most Trustworthy Companies, by Kathryhn Dill, March 18, 2014, Forbes, USA.

Scoping Paper: Mining and Metals in a Sustainable World, World Economic Forum. "The stakeholder landscape for mining and metals companies is becoming increasingly diverse, with growing expectations for companies to operate in a responsible and sustainable manner. But what defines 'sustainability'?"

[COMMENTARY] For many ethical investors, mining is probably a necessary evil. If you want cars, a nice home, etc.--and like you billions more people desire them--mining has to be done. It just has to be done in accordance with optimal ESG policies. This scoping paper is helpful in that debate and might provide insights as to what to look for if you want to invest in ethical miners.
Scoping Paper: Mining and Metals in a Sustainable World, World Economic Forum, Switzerland.

The Most Ethical Companies In The World. "In an effort to honor those companies that are leading their industries in compliance, corporate governance, and social responsibility, the Ethisphere Institute released its eighth annual list of the World’s Most Ethical Companies. Thousands of companies from around the globe were nominated for this year’s list. A total of 144 companies were ultimately selected, representing 41 industries in 22 countries."

[COMMENTARY] This list of the world's most ethical companies is predominantly American. Of the 144 that make the list on the Yahoo! Finance site, I count 105 are American and only 21 European. Yet, European companies consistently outperform American companies in CSR reporting. It's inconceivable that American companies are that much more ethical than those in Europe, or Japan, for that matter.

To be considered for the list companies first have to be nominated. Then Ethisphere does its work in assessing them. I believe Ethisphere needs to revise its process of how companies get to be considered. Despite that, it's a good list for ethical investors to peruse.
The Most Ethical Companies In The World, by Jacquelyn Smith, March 21, 2014, Business Insider, USA.

Combine ESG and ‘smart’ beta, says AXA IM. "Combining smart beta strategies with a consideration of environmental, social and governance (ESG) requirements can generate higher risk-adjusted returns, according to AXA Investment Managers. AXA IM conducted a back test of portfolio performance over almost five years and found a combined beta smart ESG strategy portfolio would have outperformed both the MSCI world index as well as a smart beta strategy on its own."

[COMMENTARY] This is an interesting approach designed to reduce portfolio volatility ('smart' beta) and only includes ESG stocks in the portfolio. Some analysts argue that the best ESG stocks have a naturally lower beta. Nonetheless, such research further supports ethical investing.
Combine ESG and ‘smart’ beta, says AXA IM, March 19, 2014, Investor Daily, Australia.

Mark Carney boosts green investment hopes. "Green party MP Caroline Lucas... told the Financial Times that because the BoE [Bank of England] could be willing to broaden its range of asset purchases, the government [UK] should agree to allow the Green Investment Bank to issue bonds so that any future QE programme could include the purchase of such assets by the BoE."

[COMMENTARY] The hope is that should there be any new BoE QE program that it is able to buy green bonds issued by the (UK) government's Green Bank. In particular, given the government's determination to build green infrastructure to be more resilient to future potential flooding devastation, the financing via green bonds could help greatly to accomplish that. Most especially if it could be paid for by money printing from the BoE!
Mark Carney boosts green investment hopes, by Pilita Clark and Chris Giles, March 24, 2014, The Financial Times, UK.

Minority of (UK) savers invest ethically, but majority want banks to be more ethical. "While 28 per cent stated they wanted to be more socially responsible in their own savings and investments, just 6 per cent actually saved with an ethical bank, with only 4 per cent investing in socially responsible pensions or investment funds."

[COMMENTARY] As with many other surveys of investors, this survey finds large numbers of investors want to invest ethically. The difficulties investors have are that mainstream investing institutions almost everywhere are still largely oblivious and uninterested in ethical investing. Though these institutions profess to care about an investor's values, this and similar surveys demonstrate what a sham that professed interest is.
Minority of savers invest ethically, but majority want banks to be more ethical, by Kevin White, March 14, 2014, FT Advisor, UK.

Indian Government Clarifies CSR Regulations. "The activities that can be undertaken by a company to fulfil its CSR obligations include eradicating hunger, poverty and malnutrition, promoting preventive healthcare, promoting education and promoting gender equality, setting up homes for women, orphans and the senior citizens, measures for reducing inequalities faced by socially and economically backward groups, ensuring environmental sustainability and ecological balance... "

[COMMENTARY] What companies can do under India's new CSR law is extensive. See the link below for a great explanation of the law. Personally, though I'm terrifically in favour of CSR, I have doubts about legislating it this way. Companies that do CSR right excel in the marketplace and in their stock prices. These are the factors that really propel CSR.
An overview of CSR Rules under Companies Act, 2013, by Ekta Bahl, March 10, 2014, Business Standard, India.

Corporate Social Responsibility Reduces Stock Price Crash Risk. "We find that firms' CSR performance is negatively associated with future crash risk after controlling for other predictors of crash risk. The result holds after we account for potential endogeneity. Moreover, the mitigating effect of CSR on crash risk is more pronounced when firms have less effective corporate governance or a lower level of institutional ownership. The results are consistent with the notion that firms that actively engage in CSR also refrain from bad news hoarding behavior and thus reducing crash risk. This role of CSR is particularly important when governance mechanisms, such as monitoring by boards or institutional investors, are weak."

[COMMENTARY] This a great study demonstrating the importance of CSR in reducing stock price crash risk. It might even win the Moskowitz Prize--the most important prize in SRI. Both management and stockholders now have an armoury of studies demonstrating the benefits of CSR for every company! See excellent article on this study.
Corporate Social Responsibility and Stock Price Crash Risk, by Yongtae Kim, Haidan Li, and Siqi Li, all at Santa Clara University - Leavey School of Business, Journal of Banking and Finance (Forthcoming), February 14, 2014, USA.

Shareholders File Record-Breaking Number of Social, Environmental Resolutions. "Investors have filed 417 social and environmental shareholder resolutions so far this year at least 50 more than the same time in 2013 and 20 percent more than in February 2012, according to an analysis of proxies."

[COMMENTARY] The growing number of these resolutions indicates that more and more investors are concerned about ESG issues and that companies are increasingly taking notice of them. This is a good development--though I believe it's just really starting to get going.
Shareholders File Record-Breaking Number of Social, Environmental Resolutions, March 6, 2014, Environmental Leader, USA.

Top 100 TSX-V (TSX Venture Exchange) miners shows that the best performing miners place strong emphasis on social management. "Annually, MacCormick reviews PWC’s Top 100 Junior Mining companies by market cap. listed on TSX’s Venture Exchange. The review analyzes those Top 100 companies against MacCormick’s in-house CSR index which consists of 10 CSR categories and a 3-tier rating system for each category. Of MacCormick’s Top 20 CSR reporters: 8 were exploration, 10 in development and 2 in production. The report also dives into the financial performance of those Top 20 companies for a closer look at financial indicators from which to correlate financial and social performance."

[COMMENTARY] This is terrific news. Many ethical investors don't relate to mining, but it's a necessary and important aspect of our global economy. It should just be conducted with high ethics and a keen awareness of ESG factors. MacCormick's CSR index of junior mining companies is revolutionary and will encourage this. I'm really keen to see how it evolves!
Diamonds In The Rough, press release, March 4, 2014, MacCormick IMC, Canada.

Apple, eBay, Gap, Intel throw weight behind Climate Declaration. "A group of 140 California firms have reiterated calls for [California] legislators to deliver ambitious action on climate change with the release of a new declaration signaling their support for policies that serve to cut emissions and drive investment in clean tech... 'We, the California-based companies below, are proud to sign the Climate Declaration in recognition of the economic opportunities associated with reducing our greenhouse gas emissions, the development of renewable energy and alternative transportation fuels and the preservation of clean water for ourselves and for future generations.'"

[COMMENTARY] This is good for the environment and good for business. These companies see the opportunity and want California to continue to lead among American states in climate regulations. Judging by who are among the signatories to the declaration, it might even get a response from Washington!
Apple, eBay, Gap, Intel throw weight behind Climate Declaration, by BusinessGreen staff, March 3, 2014, GreenBiz, USA.

Powerful global finance institute fails to train future leaders on sustainability. "By skimming over environmental and social factors, is the Chartered Financial Analyst Institute [CFA] failing to train tomorrow's financial leaders for today's sustainability challenges?"

[COMMENTARY] They've found a formula that works so well--having become the global standard qualification for financial analysts (140,000 students)--that they don't want to change. They argue that the course content is arrived at by consulting with the investment community. One can only guess exactly who it is they might be consulting with.
Powerful global finance institute fails to train future leaders on sustainability, by Jo Confino, March 4, 2014, The Guardian, UK.

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