Dr. Anthony Miller Co-coordinator, Sustainable Stock Exchanges Initiative Investment & Enterprise Division United Nations Conference on Trade and Development (UNCTAD)
45 Partner Exchanges Listing over 22,500 companies Named by Forbes US $40+ trillion in market capitalization magazine as one of the “ World’s Best Sustainability Ideas ” in 2011 “I call on stock exchanges 3 SSE Reports on Progress around the world to join 60 Fact Sheets on this effort”. exchange ESG practices Ban Ki-moon, 4 Global Conferences with UN Secretary-General more than 300 policy makers, stock 1 Model Guidance exchange CEOs and investors USA (2009); China (2010); Brazil 4 organizations (2012); Geneva (2014) UNCTAD, Global Compact, UNEP-FI & PRI Working as 1 UN www.SSEinitiative.org
SSE initiative: a partnership to facilitate action The A partnership between the UN, stock exchanges, investors, companies, regulators Initiative and governments UNCTAD, UN Global Compact, UNEP FI and PRI are the organizers of the SSE Secretariat initiative and manage its secretariat Facilitate a peer-to-peer dialogue among stock exchanges to explore how they can Objective work together with investors, regulators, and companies, to enhance corporate transparency, and ultimately performance, on ESG issues and encourage sustainable approaches to investment
Why stock exchanges? The multiplier effect: taking CSR to scale. Globally Exchanges List over 46,000 companies
Over 45 SSE Partner Exchanges Core Commitment: Promoting corporate sustainability in their markets.
SSE initiative: What it does ▪ A peer-to-peer learning platform to share best practices and promote sustainable business ▪ A multi-stakeholder forum for exchanges, regulators, policymakers, investors and Consensus companies building ▪ Partners with other multilateral organisations to promote capital markets for sustainable development (e.g. IOSCO, WFE) Conducting research on current stock exchange and regulatory initiatives Research Providing a database on sustainability policies and actions being taken by stock exchanges and regulators Offering a library of publications on sustainability measures and reporting practices Providing guidance and training on best practices for policy makers and stock exchanges Capacity Assisting stock exchanges with the development of sustainability indices and other practical initiatives building Creating workshops to increase sustainability awareness and educate sustainability practices
Consensus Building: Global Dialogues 2014 SSE Global Dialogue Regulators and Policy makers alongside CEO’s of stock exchanges and institutional investors
Consensus Building: Regional Dialogues
Consensus Building: Consultative Group PRI UN Global Investor Compact Working Corporate Group Working Group - Founded in 2009 - Founded in 2014 - Represents US$6.8 trillion AUM - Represents the voice of companies - Led by Aviva Investors - Contributes expertise to the SSE - Contributes expertise to the SSE - Advocates for enhanced sustainability reporting
SSE initiative: What it does A peer-to-peer learning platform for stock exchanges to share best practices and promote sustainable Consensus business A neutral multi-stakeholder forum for stock exchanges, regulators, policymakers, investors and companies building Partners with other multilateral organisations to promote capital markets for sustainable development ▪ Conducting research on stock exchange and regulatory initiatives ▪ Providing a database on sustainability policies and actions being taken by stock Research exchanges and regulators ▪ Fact sheets on 60 stock exchanges around the world ▪ Offering a library of publications on sustainability measures and reporting practices Providing guidance and training on best practices for policy makers and stock exchanges Capacity Assisting stock exchanges with the development of sustainability indices and other practical initiatives building Creating workshops to increase sustainability awareness and educate sustainability practices
Research: Report on Progress DOWNLOAD A COPY: www.SSEinitiative.org
Research: SSE Fact Sheets Indonesia – Indonesia Stock Exchange • Argentina – Bolsa de Comercio de Buenos Aires Ireland - Irish Stock Exchange Qatar – Qatar Exchange • Australia – Australian Securities Israel - Tel-Aviv Stock Exchange Exchange Romania – Bucharest Stock Exchange Jamaica – Jamaica Stock Exchange • Austria - Wiener Börse AG Russian Federation – Moscow Japan – Japan Exchange Group, Inc. • Bermuda – Bermuda Stock Exchange Jordan – Amman Stock Exchange Exchange Saudi Arabia – Tadawul Kazakhstan – Kazakhstan Stock • Brazil – BM&FBOVESPA S.A. Singapore – Singapore Exchange Exchange • Canada – TMX Group Inc. South Africa – Johannesburg Stock Kenya – Nairobi Securities Exchange • Chile – Bolsa de Comercio de Exchange Korea (Republic of) - Korea Exchange Santiago Spain – Bolsas y Mercados Españoles Luxembourg – Bourse de Luxembourg • China – Shanghai Stock Exchange Sri Lanka – Colombo Stock Exchange Malaysia – Bursa Malaysia • China – Shenzhen Stock Exchange Switzerland – SIX Swiss Exchange Malta – Malta Stock Exchange • Colombia – Bolsa de Valores de Thailand – Stock Exchange of Thailand Colombia Mauritius – Stock Exchange of Mauritius Turkey – Borsa Istanbul • Cyprus – Cyprus Stock Exchange Mexico – Bolsa Mexicana de Valores United Arab Emirates – Abu Dhabi • Egypt – Egyptian Exchange Morocco – Bourse de Casablanca Securities Exchange • Eurozone – Euronext New Zealand – NZX Limited United Arab Emirates - Dubai Financial • Germany – Deutsche Börse AG Market Nigeria – Nigerian Stock Exchange United Kingdom – London Stock • Greece – Athens Exchange Group Norway – Oslo Børs Exchange • Hong Kong – Hong Kong Oman – Muscat Securities Market USA (HQ) – Nasdaq Exchanges Peru – Bolsa de Valores de Lima USA – NYSE • India – BSE India Ltd. Philippines – Philippine Stock Exchange Vietnam – HoChiMinh Stock Exchange • India – National Stock Exchange of Poland – Warsaw Stock Exchange India
Research: Executive briefing notes Analysis of 17 SDGs and 169 targets
SSE initiative: What it does A peer-to-peer learning platform for stock exchanges to share best practices and promote sustainable Consensus business A neutral multi-stakeholder forum for stock exchanges, regulators, policymakers, investors and companies building Partners with other multilateral organisations to promote capital markets for sustainable development Conducting research on current stock exchange and regulatory initiatives Providing a database on sustainability policies and actions being taken by stock exchanges and Research regulators Offering a library of publications on sustainability measures and reporting practices Capacity ▪ Guidance and training on best practices for policy makers and stock exchanges building ▪ Assisting stock exchanges with their communication to stakeholders ▪ Workshops to develop sustainability indices, reporting guidance, new ESG products
Capacity Building: Best Practices and Policy Options • Recognizes there is no “one -size-fits- all” solution • Provides a roadmap for policy makers and exchanges to discover what works best for them • Serves as a voluntary technical tool to be used to understand the sustainability context, and to share best practices in the area. • Available in: English, French, Arabic, Spanish, Russian, and Chinese Guidance Documents free download: www.sseinitiative.org/publications
Capacity Building: Model Guidance on ESG Reporting ESG Closing the Guidance Gap: Less than 1/3 of exchanges offer a Guidance to issuers on ESG reporting. An application-oriented, voluntary technical tool Developed in partnership with stock exchanges to ensure that it is appropriate to fit stock exchange needs A starting point ; exchanges are encouraged to adapt the Model Guidance Not a substitute for detailed guidance; a complement to existing guidance on specific indicators (e.g. GRI) www.sseinitiative.org/publications
Capacity Building: Helping Exchanges Communicate to Stakeholders Acting as pioneers of capital markets, exchanges have the mission of enhancing awareness on ESG issues in the market . The Communication to Stakeholders is no doubt an important milestone for promoting sustainability among the market participants. Borsa İstanbul
Capacity Building: Technical Workshops Working with exchanges to develop: • sustainability indices • new reporting guidelines • other sustainability initiatives or products "The SSE is only as strong as its member stock exchanges. We hope to organize more events with our Partner Exchanges that draw on the experience of multiple stakeholders in order to enhance corporate sustainability and promote responsible investment.” -- James Zhan, Director of UNCTAD’s Division on Investment and Enterprise
www.SSEinitiative.org
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