RobecoSAM Yearbook 2015 japanese version by RobecoSAM

サステナビリティイヤーブック2015

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サステナビリティイヤーブック2015

2015/04 RobecoSAM AG

yearbook.robecosam.com/japan.html

2014年コーポレート・サステナビリティ評価* 59産業。 1,995社を評価。 93,333文書を処理。 1,418,298データポイントを収集。サステナビリティイヤーブック2015 *2014年10月31日現在。

サステナビリティイヤーブック2015 • RobecoSAM • 3

4 • RobecoSAM • サステナビリティイヤーブック2015

ご挨拶 Michael Baldinger Chief Executive Officer RobecoSAM

読者の皆さま RobecoSAMの創立20周年を、この『サステナビリティイヤーブック2015』の発行をもって始められることを大変うれしく思います。思い返せば、金融市場の活用を通じて持続可能な事業慣行を推進するというビジョンを掲げ、チューリヒ湖畔に小さなオフィスを構えてから長い時間が経ちました。当時、コーポレート・サステナビリティ（企業の持続可能性）は多くの企業が考えたこともない漠然とした概念で、投資家に至ってはさらに馴染みのないものでした。しかし、 RobecoSAMの専門家達は、サステナビリティを意識した事業経営こそが企業を成功に導く、との強い信念に基づき、株主価値を生み出す手段としてサステナビリティを活用するよう、企業と資産保有者に地道に訴え続けてきました。 20年たった今もこの信念は変わりません。

投資家が企業の本当の価値を完全に把握するには、比較可能であり、かつ財務実績と関連する定量的なサステナビリティデータが必要です。財務上重要なサステナビリティデータの統合報告が求められているのは、そのためです。本書ではまず、当社の Head of Sustainability Application and OperationsのIda Ljungkvistがコーポレート・サステナビリティをめぐる情報開示の現状を概説し、企業がどれほど投資家の心に響く言葉でサステナビリティ情報を提供しているかについて最近の進捗状況を検証します。

しかし、サステナビリティ情報を入手したとして、それをどう活用すればいいのでしょうか。また、それは企業の長期的なフェアバリューの理解にどのように影響するのでしょうか。当社のHead of Sustainability Investing 『サステナビリティイヤーブック2 0 1 5 』は、 Research、Christopher Greenwaldが一連 20年に及ぶ綿密なリサーチと、何千もの企業との企業バリュエーションの例を用いながら、コーの継続的な対話の集大成です。しかし、コーポポレート・サステナビリティ評価（CSA）から得たレート・サステナビリティという言葉をめぐって情報を財務モデルにどのように組み入れているは、企業と投資コミュニティの受け止め方に未かを説明します。だ隔たりがあるようです。

サステナビリティイヤーブック2015 • RobecoSAM • 5

サステナビリティ投資についてどれほど議論がなされても、実際に投資戦略にサステナビリティを組み入れる投資家はごく少数です。特に年金基金などはそうです。しかし、サステナビリティ投資に対する一般の関心はとても強いものがあります。昨年、当社はスイスの1,200人以上の年金基金受益者に、自分の年金基金に対し、投資判断にサステナビリティを加味するよう望むかどうか尋ねたところ、回答者の72％が「財務実績と関連性のあるサステナビリティ要素を投資判断に組み入れて欲しい」と回答しました。また、79％が「サステナビリティを組み入れた投資戦略は、より正確な情報に基づいた長期的なまた、『サステナビリティイヤーブック』では例投資判断につながる」と考えていました。この結年通り、CSAの結果を概説し、分析対象となっ果は、サステナビリティ投資は事業のドライバーた全59産業それぞれの主要動向を記載していであって、単なる衛生要因ではない、という当社ます。各産業の中で最高評価を受けた企業をの信念をさらに強めるものでした。 RobecoSAMインダストリーリーダーに認定している他、他の高評価を受けた企業をゴールドこうしたことから、当社は今後ともサステナビリクラス、シルバークラス、ブロンズクラスの3賞ティの取り組みがもたらす財務的なプラスの影響について情報を開示するよう、企業に働きかに認定し、イヤーブックに掲載しています。けていくつもりです。ひいてはそれが、年金基金などの資産保有者にサステナビリティ投資を促サステナビリティの取り組みがもたらす財務すことになるでしょう。多国間で事業を行っている企業が租税構造を最適化する方法を見出すに伴い、企業の税務戦略は世論の厳しい視線にさらされるようになりました。しかし、過度に濫用的な租税構造を採用することは、その会社自身と投資家に直接、間接の財務リスクを及ぼす可能性があります。そのため、RobecoSAMでは先ごろ、企業の税務関連リスクに対する認識と税務報告の透明性を評価するための新たな枠組みを導入しました。 Senior Sustainability Investing Analyst のMatthias Müllerがその結果について概説します。

的なプラスの影響について情報を開示するよう、企業に働きかけていくつもりです。ひいてはそれが、資産保有者にサステナビリティ投資の活用を促すことになるでしょう。

6 • RobecoSAM • サステナビリティイヤーブック2015

資本を動員し、次の20年、そしてその先までもコーポレート・サステナビリティを後押しできるかどうかは私たち全員にかかっているのです。

プライスウォーターハウスクーパースサステナビリティ株式会社代表取締役社長三橋優隆

日本企業の皆さま RobecoSAM創立20周年および「サステナビリティイヤーブック2015」の発刊、誠におめでとうございます。20年にわたる綿密な研究と数々の企業や機関投資家との対話を通して、企業の持続的成長を投資家の立場から推進してこられた功績に深い敬意を表します。また、PwC として、このような節目の年に初めての日本語版イヤーブックを協働により発表できることを大変嬉しく思います。サステナビリティとは、企業が長期的な価値創造を実現するための不可欠な要素であると言えます。これは、PwCが毎年ダボスで発表している「世界CEO意識調査」の結果にも裏付けられています。世界68カ国1,300人超のCEOを対象とした「第１７回世界CEO意識調査」では、世界のCEOの75％がサステナビリティはもはや慈善活動ではなく、製品やサービスを生産し提供する方法の中に、先見的な思考と責任あるビジネス慣行を組み入れることであると考えています。また多くのCEOが、「気候変動と資源不足」「都市化」「人口構造の変化」は自社の事業に大きな変革をもたらすメガトレンドであると考えています。これらのメガトレンドはそれ自体は決して新しいものではありませんが、その進

展の速度はますます加速しており、またメガトレンド同士がぶつかり合うことで従来とは全く異なる事業環境が生み出されます。つまり企業の持続的成長においては、サステナビリティという視点はますます重要性を増しており、それは企業を支える投資家に提供される価値という観点からも非常に重要になってきているということが調査の結果から分かります。そしてまた、過去数年のESG投資／責任投資の資産運用高や PRI署名機関数の推移を見れば、投資家、特に機関投資家も企業のサステナビリティに関心を示し始めていることが分かります。企業と投資家を取り巻く環境は、日本国内でも変化しています。日本再興戦略の一環として、 2015年には改正会社法が施行され、上場企業を対象にしたコーポレートガバナンス・コードが適用されます。さらに、昨年実施に移された日本版スチュワードシップコード（「責任ある機関投資家」の諸原則）とコーポレートガバナンス・コードとを「車の両輪」として推進することにより、機関投資家と会社の対話の促進が期待されています。機関投資家と会社のウィンウィン関係の構築を図るこのような動きは、いずれも日本企業を国際競争に勝てる体質に変革させることを目指すものです。

サステナビリティイヤーブック2015 • RobecoSAM • 7

では、日本企業のサステナビリティの現状はどうなっているのでしょうか。今年のサステナビリティイヤーブックには、日本企業39社が掲載されました（34カ国、全457掲載企業中）。過去 5年間、日本は掲載企業数でアジア首位を守り続けてきました。しかし、韓国企業も過去4年間は毎年30社以上が掲載されており、その差は着実に狭まっています。一方、評価対象の企業数に対する掲載企業数の割合に目を移すと、日本企業は5年前には約4社に1社でしたが、直近では5社に1社を下回っています。この日本の掲載率は、5年前にはアジア太平洋地域でオーストラリアに次ぐ2位でしたが、4年前には韓国、その後も台湾やインドに抜かれ、今年は地域4位となりました。これは、コーポレートサステナビリティにおける日本企業のアジア太平洋地域でのプレゼンスが年々低下していることを示しているのかもしれません。

長期な視点でステークホルダーの期待を捉えられていない、すなわち、絶えず変化するそれらの期待に適時に対応できる態勢にないのかもしません。顧客、従業員、株主などのステークホルダー、そして社会や環境との調和とを両立させようとする精神、すなわち近江商人の「三方よし」の考えは、多くの日本企業に昔から根付いているものではないでしょうか。上述のCEO意識調査に戻りますが、例えば、日本のCEOの実に 9割近くが企業の環境負荷の削減に向けた努力を重要視しています。これは、世界全体での平均よりも高い割合です。成功要因の謎が解けたならば、誰もが成功者となるはずですが、成功者は多くありません。答えを導き出すのは容易ではありませんが、前述した多くの日本企業が持つその価値観にヒントがあるのかもしれません。

このサステナビリティイヤーブックに掲載された企業は、コーポレートサステナビリティのリー企業が持続的に成長し、中長期的に国際競争ダーとしてRobecoSAMの認定を受けました。力を高めるためには、何をすれば良いのでしょゴールドクラス5社を含む日本企業39社をはじうか。反対に、苦戦している企業があるとするめ、本調査に参加した全ての日本企業のさらなと、ステークホルダーが求める情報を適切に開る発展と変革に向け、PwC Japanでは、日本示できていないために正当に評価されていなのコーポレートサステナビリティの推進をご支援いのかもしれません。あるいはより本質的に、中してまいります。

8 • RobecoSAM • サステナビリティイヤーブック2015

目次ご挨拶

1. レポーティングの再定義：サステナビリティの 10 ストーリーを戦略的コミュニケーションに変える Ida Ljungkvist (Head of Sustainability Application and Operations)

2. 理論から実践へ：サステナビリティをバリュエーションに統合する

Christopher Greenwald (Head of Sustainability Investing Research)

3. 企業の税務戦略：投資家にとってのサステナビリティリスク

Matthias Müller (Senior Sustainability Investing Analyst)

4. サステナビリティリーダー2015 •

RobecoSAMインダストリーリーダー2015

• 産業プロフィール：59産業の概要

掲載企業の一覧

35 38 43

103

サステナビリティイヤーブック2015 • RobecoSAM • 9

1. レポーティングの再定義：サステナビリティのストーリーを戦略的コミュニケーションに変える

10 • RobecoSAM • サステナビリティイヤーブック2015

ここ数年、サステナビリティ情報開示の標準化と年次報告書との統合化が多くの国際的なイニシアティブによって奨励されている。 RobecoSAMのHead of Sustainability Application and OperationsのIda Ljungkvistが、サステナビリティ情報開示に関する現状とこれまでの経緯、トレンドの先行き見通しなど、全般的な評価を行う。

Ida Ljungkvist Head of Sustainability Application and Operations

背景：標準化と統合に向けた旅が始まったサステナビリティ情報を財務分析に組み入れるという話になると、財務アナリストはしばしば透明性の欠如や財務実績との関連性、データの比較可能性などに関する懸念を口にする。投資家が、従来の財務分析にサステナビリティなど追加の財務要因を体系的に組み入れるためには、他社との比較に使用でき、どの企業がグローバルなメガトレンドから生じる機会と課題に最も適切に対応できる態勢にあるかを判断するための信頼性の高い情報を得る必要がある。この情報は、入手可能、比較可能であることはもちろん、投資家にとって理解しやすく使い慣れたフォーマットで提供されなければならない。

統合報告は、投資家にとっては企業のバリュエーションにおいて非財務情報を体系的に使用するためのツールであり、企業にとっては将来の課題に向けてどのような態勢をとっているかをより包括的に示す手段である。

このため、サステナビリティが持つ財務上のマテリアリティ（重要性）の高まりと統合報告に向けた動きが投資家、企業双方にとって鍵となる。これは、投資家にとっては企業のバリュエーションにおいて非財務情報を体系的に使用するためのツールであり、企業にとっては、将来の課題に向けてどのような態勢をとっているかをより包括的に示す手段である。この数年で標準化と統合への移行は確実に始まった。国際統合報告評議会（IIRC）、サステナビリティ会計基準審議会（SASB）、グローバルレポーティング・イニシアティブ（GRI）第4版（G4ガイドライン）などの取り組みは全て、サステナビリティ情報や非財務情報を透明かつ比較可能、入手可能な方法で投資家に提供することをめざしている。最近のこうした動きは主に、サステナビリティ情報が持つ財務上のマテリアリティという概念に基づいている。すなわち、企業は財務上重要と見なされる主題をどれほど定義できるか、そして、そうした要素を従来の財務報告にどれだけ統合できるかという点である。 RobecoSAMはコーポレート・サステナビリティ評価（CSA）の一環として、企業がここ数年のこうした新しいトレンドと要請にどのように適応しているかを検証している。

サステナビリティイヤーブック2015 • RobecoSAM • 11

RobecoSAMの枠組み－「赤い糸」としての重要課題 RobecoSAMのCSAでは、環境報告と社会報告の2つの基準を設け、企業のサステナビリティ情報開示の質を評価している。マテリアリティ報告の枠組み（下の図1を参照）の主眼は、企業のステークホルダー、特に投資家に対する企業のサステナビリティ情報開示の有効性を評価することである。

統合報告は、サステナビリティの主題を財務情報およびその企業の全般的な事業戦略と関連づけるものであるため、投資家にとって重要な情報源となる。年次報告書の主要部分でこの情報を開示できる企業は、情報が投資家の手に渡りやすいという点だけを見ても、そうでない企業に対して優位である。しかし、この情報開示のために使われる媒体の種類が何であれ、本質は開示された情報の一貫性と質にある。前述の2つの基準については、公表されている報告書だけが評価の対象になるため、以下のセクションでは、CSAに積極的に参加した企業に限らず、公開情報のみに基づいて評価された企業の評価結果についても併せて論じる。

マテリアリティ報告の枠組みの最初の段階では、企業が、自社にとって重要なサステナビリティ課題を特定したプロセスを明確に説明しているかどうかを検討する。どのようなプロセスでステークホルダーを関与させているのか、最も重要な主題の決定に内外双方のステークホルダーが関わっているか、などがポイントになる。第二段階では、企業がそのようにして特定した課題を十分に論証できているかを評価する。重要課題を特定し、できればそれを優先順位づけしたとして、企業はそれぞれの課題のビジネスケースを明確に説明できているのか。その課題が自社にとってなぜ重要であるのか、また、それを適切に管理できない場合、どういうビジネス上の影響が出るのか。これは、サステナビリティの主題を財務情報およびその企業の全般的な事業戦略と関連づけるものであり、投資コミュニティにとって報告がより得やすく身近になるため、投資家には特に重要な情報である。

図1：企業のサステナビリティ情報開示を評価するためのRobecoSAMの枠組み

マテリアリティに関する報告

報告の質と信頼性

重要課題を特定するためのプロセスの説明

重要課題の特定と優先順位づけ、特定した課題とビジネスケースを関連づける説明

コスト削減ないし収入創出につながる社会、環境分野の取り組みに関する報告

特定した重要課題に関連づけられたKPI （主要業績評価指標）と目標についての報告

出典：RobecoSAM

12 • RobecoSAM • サステナビリティイヤーブック2015

報告書の対象となっている操業の範囲

外部保証

ビジネスケースをより具体化する作業の一環として、当社は、企業がコスト削減と収入創出につながる環境、社会的分野の取り組みをどの程度まで報告しているかも検証している（例えば、図 2を参照）。すなわち、投資家が理解できる目に見える証拠として、サステナビリティ活動の効果

が報告されているかを確認する。最終的に当社では、サステナビリティの取り組みは少なくとも長期的に収益を生み出す必要があるとの立場から、黒字企業を見出そうとしている。

図2：コスト削減と収入創出をもたらす環境、社会的取り組みの例

環境分野のコスト削減

• エネルギー消費の削減 • 輸送効率の上昇 • 出張の削減－バーチャルミーティングの増加

環境分野の収入創出

• 環境負荷が少ない新商品の開発 • 既存商品の環境性能改善による新しい市場セグメントへの進出

社会分野のコスト削減 • 従業員とのエンゲージメント強化による自主退職者率の引き下げ • 労働安全衛生対策の強化による休業災害発生率（LTIFR）の低減 • サプライチェーンにおける労働時間短縮方針による生産の質向上やクレーム率低下社会分野の収入創出 • 社会的利益のある新商品、例えば、新興国の生活水準向上のために特別に設計された商品の開発出典：RobecoSAM

マテリアリティ報告の枠組みの後半部分では、企業報告における「赤い糸」が重要課題の単純な特定にとどまらず、定量的なKPIや目標値を設定した上でこれらの課題への取り組みと進捗を管理しているかを評価する。これは、単に定性的なサステナビリティ情報を投資分析に組み入れるだけではなく、より全体的な関連性をもつ定量的な他社比較へと進みたい投資家にとって重要である。尺度の標準化と同時に重要なサステナビリティ課題に関する定量的情報の報告が進めば、この方面での発展が望めよう。

当社は、企業がコスト削減と収入創出につながる環境、社会的取り組みをどの程度まで報告しているかを検証している。

当社ではまた、企業がサステナビリティの重要性を報告できるかどうかの評価に加え、どの報告書の対象範囲、また、報告書の全般的な質と信頼性の尺度としての外部保証の有無も評価の対象としている。革命：急速な導入率増加がサステナビリティ情報開示の世界を変える当社は、2012年のCSAから企業が年次報告書の主要部分に重要なサステナビリティ情報をどの程度統合しているかを検証し始めた。そこからの3年間を振り返ると、報告している企業の比率は環境、社会分野の情報ともほぼ倍増している（図3を参照）。

サステナビリティイヤーブック2015 • RobecoSAM • 13

図3：年次報告書の主要部分で重要な社会、環境情報を報告している企業の割合

15.3%

16% 14%

11.8%

企業の割合（%）

12% 10%

8.9%

8.8%

6.9% 5.3%

6% 4% 2% 0

2012年環境

2013年

2014年

社会

2014年のダウジョーンズ・サステナビリティ・インデックス（DJSI）向けに評価した1,813社に基づく。

出典：RobecoSAM

2014年のダウジョーンズ・サステナビリティ・インデックス（DJSI）の構成銘柄選定のために評価した1,813社1のうち、15％超が年次報告書の主要部分で重要な環境情報を報告し、ほぼ 9％が重要な社会情報を報告していた。具体的には、以下のような情報である。 • 重要課題の特定やマテリアリティマトリックス • 定量的または戦略的なコスト削減の事例 • 定量的または戦略的な収入創出の事例

SA2014年に積 C 極参加した企業数（830社）に加え、公開情報に基づいて RobecoSAMが独自に評価した企業数の計1,813社。

図3は、企業報告書でサステナビリティ課題について報告した企業が過去2年間に急激に増えたことを示しており、GRI G4ガイドラインや SASB、IIRCその他のレポーティングに関するイニシアティブからみて、この傾向は今後も続くと考えられる。また、社会分野の課題と取り組みに比べ、環境分野の課題と取り組みを報告している企業の比率が大幅に高いことも注目に値する。これは主に、環境分野の取り組みとコスト削減や収入創出との関係の方が社会分野のそれに比べて直観的に説明しやすいためである。

重要なサステナビリティ課題が企業の長期的な競争力に大きな影響を及ぼすのであれば、この情報を年次報告書で開示しない理由はない。

14 • RobecoSAM • サステナビリティイヤーブック2015

年次報告書の主要部分でサステナビリティ情報を開示した場合、その情報は、より投資家の目に触れやすくなる。さらに、企業がサステナビリティ情報をメインストリームの財務情報と等しく重要であるものとして示すことができるという利点もある。実のところ、サステナビリティと投資コミュニティを結びつける際の主な課題のひとつは「サステナビリティ」という言葉自体にある。重要なサステナビリティ課題が企業にとって本当に重要であるなら、つまり、企業の長期的な競争力と収益性に大きな影響を及ぼすのであれば、この情報を年次報告書で開示しない理由はない。多くの投資家は、従業員や顧客、サプライチェーンの管理が企業の成功の鍵であることに異論はない。しかし、「サステナビリティ」という言葉が心理的な壁になり、企業の適正なコミュニケーションを妨げ、投資家によるバリュエーションへのサステナビリティ情報の統合を遅らせている。

新興国企業は期待以上、北米企業は出遅れサステナビリティ情報の開示と財務報告のギャップを埋める作業の進捗は、産業と地域によってばらつきがある。図4は、サステナビリティ報告書と年次報告書における重要なサステナビリティ課題の開示状況について、GICS（世界産業分類基準）の産業分類と地域ごとに示している。

サステナビリティ戦略と報告全般について先進的な欧州企業は、当然ながらサステナビリティ情報開示で首位に立っている。

所の取り組みの他、南アフリカでの統合報告イニシアティブなど、政府が開示を義務づけていることが大きい。また、北米企業は他の地域より大幅に出遅れており、特に年次報告書における重要なサステナビリティ情報の記載の比率はかなり低くなっている。これにはいくつかの要因が考えられる。例えば、SEC（証券取引委員会）の開示様式の標準化が進んだため、企業がサステナビリティデータを盛り込んだ年次報告書を作成する余地が小さい。また、サステナビリティに対する伝統的な見方が影響している可能性もある。特に米国では、サステナビリティは、事業ドライバーというより、コミュニティ活動その他の社会貢献活動を意味してきた。そのため、米国の企業はグローバルなサステナビリティ報告の潮流に乗り切れていない。

このデータからいくつかの興味深い結果が明らかになった。まず、サステナビリティの戦略と実績全般を主導している欧州企業が情報開示についても首位に立っている。しかし、それ以上に興味深いのは、サステナビリティ報告書、年次報告書での報告ともに新興国が2位につけている点である。その背景には、それぞれの証券取引

図4：CSR報告書、年次報告書で重要なサステナビリティ課題を報告している企業の割合 80% 68%

70%

57%

企業の割合（%）

60% 50% 37%

40% 30%

39%

47%

43%

47% 38%

34%

35%

27%

26%

20% 8%

10%

11%

14% 6%

1% 合計

北米

欧州

新興国市場

アジア太平洋

公益事業

素材

ヘルスケア

生活必需品

情報技術

6% 電気通信サービス

5% 資本財・サービス

CSRレポート

金融

一般消費財・サービス

エネルギー

10%

37%

36%

年次報告書

情報は地域別およびGICSセクター別。2014年のダウジョーンズ・サステナビリティ・インデックス（DJSI）向けに評価した1,813社に基づく。

出典：RobecoSAM

サステナビリティイヤーブック2015 • RobecoSAM • 15

GICSの産業別には、マテリアリティ報告全般で上位に来たのは電気通信サービス、素材、公益事業である。その理由としては、電気通信サービスと公益事業の場合は政府保有の長い歴史や厳しい規制環境にあったため、他のセクターより迅速に企業慣行へのサステナビリティの統合が進んだことが考えられる。また、素材と公益事業では、事業モデルそのものがサステナビリティに具体的で重要なインパクトを及ぼしうることから、上位に食い込んだとみられる。

今後の見通しと動向標準化、統合、そして財務上重要なサステナビリティ要素の特定に向けた動きは、緒についたばかりである。SASB、IIRCなどのイニシアティブは加速しており、ヨハネスブルク証券取引所の主導により南アフリカで統合報告基準が義務化されたのに続き、他の証券取引所や立法機関も同様の議論を始めている。ただ、これらの情報開示をめぐる動きは単独で進んでいるのではなく、以下の2つの大きな潮流を反映しているものである。

ヘルスケア産業についても意外な結果となっステナビリティは企業活動に統合されるよた。全般的な重要課題の報告率は最も低いが、 1. サうになっており、大手企業は、サステナビリ年次報告書に重要なサステナビリティ課題を統ティを別個の機能として管理するモデルか合させているという点ではトップである。これはら、事業経営の成功を左右する要因として活おそらく、社会的要素とヘルスケア企業の事業用する方向に動いている。したがって、企業モデルがきわめて明確に直結していることが原活動を適正に投影するものとしての企業報因である。医療と医薬品へのアクセス、人材マ告にこのトレンドを反映させるようになってネジメント、イノベーション、商品の品質と安全いる。性の確保など、ヘルスケア企業が挙げた重要な社会的課題は全て事業の成功と密接に関係し 2. 特に、機関投資家はより長期的で持続可能なている。見通しに立って資金を投資する方法をますます探す求めている。つまり、標準化された入手しやすいデータの需要は高まっており、当財務アナリストは財務分析に使用が可能な定然ながら需要が増えれば供給も増えることと量的なサステナビリティの尺度を必要としてなる。

いる。

この2つの潮流は過去2～5年で強まってきてお重要課題の特定と報告は企業にとって有効な第り、今後も重要性は増し続けるものとみられる。一歩だが、報告書を通じて定性的、定量的両面しかし、財務報告基準と同様の明確な基準が定の財務上重要なサステナビリティ情報を提供すまるまでは先入観をもたず、本来の目的の達成る際に一貫性（すなわち前述の「赤い糸」）を示に集中するのが望ましい。すなわち、サステナビしている企業の割合を見ると、数字は一層低くリティのストーリーが効果的に語られるよう、入なる。評価対象企業のうち、重要課題を特定す手しやすい形で関連情報を投資家に提供するこるプロセスについて明確に報告し、これらの重とである。要課題と関連づけて定量的なKPIを示した企業は25％に満たなかった。サステナビリティによる価値創出のストーリーを盛り込むのはよい出発点であり、投資コミュニティの関心を引くだろう。しかしながら財務アナリストが最終的に必要としているのは、従来型の財務的尺度とともに財務分析に使用可能な定量的な尺度である。

機関投資家が長期的で持続可能な見通しに立って資金を投資する方法をますます探し求める中、標準化された入手しやすいデータの需要は高まっている。

16 • RobecoSAM • サステナビリティイヤーブック2015

2. 理論から実践へ：サステナビリティをバリュエーションに統合する

サステナビリティイヤーブック2015 • RobecoSAM • 17

「統合」という言葉は、責任投資の文脈でよく使われるが、誤解も多い。 Head of Sustainability Investing ResearchのChristopher G r e e n w a l d は R o b e c o S A Mにとって統合とは何かを説明し、 RobecoSAMの投資専門家が自らの財務モデルにサステナビリティをどのように統合しているのかについて、例を挙げながら解説する。

Christopher Greenwald Head of Sustainability Investing Research

Eurosif（欧州社会的責任投資フォーラム）は、サステナビリティの統合を、「投資判断に影響する可能性のあるESG（環境、社会、ガバナンス）課題の企業財務に対する潜在的影響（プラス、マイナス）に重点を置く」投資戦略と定義している。したがって、統合とは、最も基本的な意味において、企業のサステナビリティパフォーマンス

に基づき、財務モデルの仮定を調整することを意味する。統合を成功させるためには、財務予測と企業のサステナビリティパフォーマンスの評価を融合した財務モデルから1つのフェアバリュー―すなわち真に統合された視点によって導き出される企業価値―を算出できなくてはならない。

図1：RobecoSAMのアプローチ：真のサステナビリティ統合。サステナビリティと財務データの両方を完全に統合する財務モデルを作り、フェアバリューを導き出す

財務上重要なサステナビリティデータ

統合財務モデル

投資ユニバース

フェアバリュー

サステナビリティポートフォリオ

財務データ

出典：RobecoSAM

しかし、今日の責任投資の世界で「統合」とされているものは、実際にはスクリーニングに過ぎず、依然、財務分析のプロセスとは切り離されたステップでサステナビリティデータと情報を集約しただけの形であることが多い。

18 • RobecoSAM • サステナビリティイヤーブック2015

これは、図2に示したように、投資対象の母集団の中から最も持続可能な企業を抽出するアプローチである。

図2：主なアプローチA：サステナビリティデータを財務分析とは別に、スクリーニングのツールとして用いる

投資ユニバース

第三者によって集計されたサステナビリティデータ

サステナビリティの観点でクリーニングされた銘柄群

財務データ

財務モデルとバリュエーション

ポートフォリオ

出典：RobecoSAM

または、図3に示したように、サステナビリティのしかし、いずれのケースも、サステナビリティの面で先行している企業をオーバーウエイトに、分析と考慮は、財務のバリュエーションやフェア遅行企業をアンダーウエイトとする際のウエイトバリューの算定とは別の段階で行われている。調整にスクリーニングすることもできる。

図3：主なアプローチB：財務分析を別途実施し、サステナビリティ情報をポートフォリオのウエイト調整に用いる

投資ユニバース

財務データ

財務モデルとバリュエーション

先行企業をオーバーウエイトに、遅行企業をアンダーウエイトにするために第三者によって集計されたサステナビリティデータ

ポートフォリオ

出典：RobecoSAM

統合を成功させるためには、財務予測と企業のサステナビリティパフォーマンスの評価を融合した財務モデルから1つのフェアバリューを算出できなくてはならない。

サステナビリティイヤーブック2015 • RobecoSAM • 19

真の統合に向けた課題このようにサステナビリティ分析がバリュエーションから分離されてしまうのも無理はない。多くの運用担当者がサステナビリティを投資プロセスに統合しようとすると、いくつかの問題に直面するからである。まず、企業は多くの場合、情報開示において、サステナビリティの取り組みによる財務上の影響を報告していない。そのため、投資家がサステナビリティによる財務予測への影響を見積もることは本質的に難しい。第二に、業界における多くのサステナビリティの「リサーチ」は、データを集めて投資家にサステナビリティ格付を販売する外部の機関が実施している。投資家が、自らの投資プロセスへのサステナビリティ統合をめざして自ら専門性を積み上げているわけではない。

RobecoSAMでは、企業の最終利益に対するサステナビリティのインパクトを重視した分析を行うことで、一貫してEurosifの定義に沿った統合を追求してきた。当社は企業の長期見通しの分析を敬遠せず、企業経営の質を評価するうえでサステナビリティ情報が不可欠であると考えている。企業経営の質こそが、向こう3年をはるかに超える経済サイクルの中で、その企業が短期的な変化に耐えられるかを左右すると信じているためである。企業の長期戦略の分析とサステナビリティパフォーマンスの視点の融合、そして長期目標と紐付いたコーポレートガバナンスおよび報酬制度の評価の融合は、当社の長期投資分析に対するアプローチの鍵となっており、バリュエーションプロセスそのものに欠かせないものである。

マテリアリティからバリュエーションまで RobecoとRobecoSAMはどのようにサステナビリティ統合を追求しているか。それを説明するには、当社独自のアプローチの特徴を理解することが重要である。まず、企業のサステナビリティパフォーマンスの分析では、その企業の財務実績に最も関連の深い要素に集中しなけれ最後に、そしておそらく最も根本的なことだが、ばならない。これらの要素の特定には、当社の現在の財務モデルは、長期的な視点に立った企マテリアリティのフレームワークを用いる。マテ業業績よりも短期的な開示情報と業績予想をリアリティのフレームワークでは、各産業につ重視する経済界の姿勢に縛られている。投資家いて成長性、収益性、資本効率、リスクなどの事は、企業の長期的な売上高やコストの予測につ業ドライバーに影響を及ぼしうるサステナビリいて正確な情報が得られないため、3年目以降ティ課題について、影響の発生確率と予想されの割引率と成長率の予測において標準的な業るインパクトの規模に応じて優先順位をつける。界の想定や過去10年の平均値を使うしかない。その結果が各産業のマテリアリティマトリックスもちろん、将来を確実に予測するのは困難でであり、相互に関連する各課題をマッピングし、あるため、これは分からないでもない。しかし、各産業にとって最も重要な課題を可視化したも企業価値の大半はこれらの年度から生じるたのである。め、こうしたアプローチは、企業の長期的バリュエーションの最も重要な部分に今の業績をその次に評価対象となる企業に視点を移し、当社のまま投影させているだけである。長期的な予測マテリアリティマトリックスに基づいて、最も重を立てるために標準的な平均値に依存している要な3～4要素に企業経営者がどのように取り現状が、資産価格の極端な変動につながってい組んでいるかを評価する。まず、選定した重要る側面もある。需要の短期的な変動に対する資なサステナビリティ要素についてその企業のパ産価格の反応が、その企業の長期的評価の際にフォーマンスを分析した後、それぞれの要素に大きな影響を及ぼすからである。そのため、企業ついて企業の長期的価値ドライバーへの影響をの価値を著しく見誤る事態も生じるが、同時にこ検証することが重要である。これが、最終的にれは、長期的なパフォーマンスを重視する投資将来のキャッシュフローのモデル化に用いる長期的な想定に影響を与える。家にとっては大きな投資機会にもなる。

現在の財務モデルは、長期的な視点に立った企業業績よりも短期的な開示情報と業績予想を重視する業界の姿勢に縛られている。

20 • RobecoSAM • サステナビリティイヤーブック2015

企業株式の分析では、当社は以下の主要な価値ドライバーを検証している。 • 売上高：販売からの収益。企業の商品構成、販売量、価格設定に左右される関連するサステナビリティ基準：イノベーションマネジメント、プロダクトスチュワードシップ、人材マネジメント1 1

本セクションで述べるサステナビリティ基準は、あくまでもどの種類の要素が企業の価値ドライバーに影響しうるかを例示するためのもので、決して網羅的ではない。

• コスト：企業の収益性を決定づけるコスト構造関連するサステナビリティ基準：サプライチェーンマネジメント、環境マネジメント、労働安全衛生 • リスク／資本コスト：将来の予想キャッシュフローの調整に用いる割引率を決定づける企業の資本構造とリスクエクスポージャー関連するサステナビリティ基準：環境マネジメント、コーポレートガバナンス、リスク管理、労働安全衛生

要するに、企業のフェアバリューに調整を加えるためにサステナビリティ情報を財務モデルに組み入れている。このアプローチは、企業が報告するサステナビリティの主題を完全に網羅するわけではないが、各産業にとって最も財務上関連性があると考えられる主題に焦点を当てた深い分析を可能にし、サステナビリティの投資対効果を説明するのに役立っている。

サステナビリティの観点から機会を特定する実際の方法を説明するため、大手化学会社の例を取り上げる。化学産業において最も根本的に重要なサステナビリティ主題には、プロダクトスチュワードシップ、環境マネジメント、イノベーションがある（図4を参照）。

図4：化学産業のマテリアリティマトリックス

影響の発生確率

人材マネジメント

サプライチェーンマネジメント負債管理

顧客関係管理

コーポレートガバナンス

プロダクト環境マネジスチュワードシップメントイノベーション

化学産業で最も重要なサステナビリティ要素に絞り込む

労働安全衛生

コーポレートシチズンシップ競争的地位

現金および資本管理影響の度合い

出典：RobecoSAM

当社では、企業のフェアバリューに明確で明示的な調整を加えるためにサステナビリティ情報を財務モデルに組み入れている。ある会社のサステナビリティパフォーマンスを分析すると、図5にあるように、3つの重要要素の全てで良好な成績を示している。この会社は同業他社よりCO 2排出原単位が低く、ライフサイクルアセスメントを実施している製品の割合

は他社よりはるかに高い。また、製品イノベーションについても明確な環境目標を掲げており、例えば、総売上高の45％を、より利益率の高いエコプロダクツの売上にすることをめざしている。

サステナビリティイヤーブック2015 • RobecoSAM • 21

図5：3つの財務上最も重要なサステナビリティ基準でみた同社のパフォーマンス重要な

同社のサステナビリティ

価値ドライバー

サステナビリティ要素

パフォーマンス

への影響

イノベーション

全ての製品イノベーションの80％に環境目標を設定。

製品イノベーション（エコプロダクツ）の売上目標＝

プロダクトスチュワードシップ

90％の製品を対象にライフサイクルアセスメントを実施＞他社平均は40％

環境管理

同業他社より低いCO2排出原単位

2015年までに総売上高の45％とする

出典：RobecoSAM

このサステナビリティ情報はその後、サステナビリティを統合したフェアバリューを導き出すため、同社の長期想定に調整を加えることにより財務分析に組み入れる（図6を参照）。同社のサステナビリティパフォーマンスを勘案する前に、当社は、その最終市場とコスト構造に基づいて 4％の年間売上成長率と現在の13.7％の利益率を想定する。同社のサステナビリティ面での先進性、特にイノベー

ションを考慮し、環境に優しい製品を重視する姿勢に基づいて 1％の長期成長率を上乗せする。さらに、これに応じて2017年までの利益率を17％に引き上げる。すると、全体の適正株価は6 7 ユーロに上昇し、これらの要素を組み込まなかった場合より1 7 . 5％高くなる。

図6：化学会社の統合評価分析ドライバー

売上成長率利益率資本コスト（割引率）

4.0%

バリュエーション（サステナビリティを除く）サステナビリティ

++ イノベーション

要素

13.7%

適正株価

EU回復 > 200bps

€ 57

+ 環境管理 + プロダクトスチュワードシップ

+ € 10

+ 1%

(+ 17.5%)

合計

5.0%

2017年までに17％

€ 67

出典：RobecoSAM

サステナビリティの観点からリスクを特定するサステナビリティの統合は、上の例のように、長期的な機会を特定する上で重要だが、長期的なサステナビリティリスクの特定にも活用できる。これを実証するため、化学産業とはまったく

サステナビリティの統合は、長期的な機会を特定する上で重要だが、長期的なサステナビリティリスクの特定にも使うことができる。

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異なる情報技術サービスおよびインターネットソフトウェア・サービス産業に属する企業を例にとる。この業界にとって最も重要な要素は、イノベーションマネジメント、人材マネジメント、個人情報の保護、コーポレートガバナンスである（図7を参照）。

図7：情報技術サービスおよびインターネットソフトウェア・サービス産業のマテリアリティマトリックス

影響の発生確率

人材マネジメント

サプライチェーンマネジメント負債管理

顧客関係管理

インターネット産業最も重要なサステナビリティ要素に絞り込む

コーポレート個人情報ガバナンスの保護イノベーションマネジメント

インターネットセキュリティ

コーポレートシチズンシップデジタルインクルージョン

現金および資本管理影響の度合い

出典：RobecoSAM

ある会社のサステナビリティパフォーマンスを分析すると、同社が高度な熟練社員を獲得し、イノベーションと人材マネジメントでトップを走るものの、同時に複数の重大なサステナビリティリスクにさらされていることが明らかになった（図8を参照）。

サステナビリティ分析から明らかになったのは、個人情報保護法の厳格化の流れが長期的に同社の事業モデルの障害になる可能性である。また、普通株式の議決権に差があるため、特定の株主の影響力が著しく制限されている。

図8：4つの財務上最も重要なサステナビリティ基準でみた同社のパフォーマンス重要な

同社のサステナビリティ

価値ドライバー

サステナビリティ要素

パフォーマンス

への影響

イノベーション

多額のイノベーション投資

イノベーション文化

人材管理

高度な熟練社員を獲得、定着させる能力

個人情報の保護

より厳格な個人情報保護法のリスク

–

コーポレートガバナンス

不均衡な議決権

– –

出典：RobecoSAM

財務分析には同社のイノベーション面での先進性が組み込まれているが、個人情報保護とコーポレートガバナンスの両面で直面している大きなリスクにより、将来のリスク想定が高くなる。そのため、当社はこれらの長期リスクをより反映させるため、割引率を標準的な8％ではなく9％と想定した。これが予想フェアバリューに重大な

影響を与え、予想フェアバリューを105米ドルから90米ドルに低下させた（図9を参照）。この調整を通じて、運用担当者はこの会社の本当の価値をはるかに明確に見極め、長期のサステナビリティリスクと長期の機会（その大半は市場が認識している。）のバランスをとることができる。

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図9：インターネット会社の統合的バリュエーション分析ドライバー

売上成長率利益率資本コスト（割引率）

15% (10年推定)

35%

適正株価

バリュエーション（サステナビリティを除く）サステナビリティリスク

- 個人情報保護

要素

-- コーポレートガバナンス

$ 105

- $ 15

+ 1%

(- 14.3%)

合計

$ 90

15%

35%

出典：RobecoSAM

サステナビリティのバリュエーションへの統合で、より多くの情報に基づいた判断が可能になるサステナビリティに関する考察を財務モデル自体に直接統合することは、サステナビリティをスクリーニングに用いる一般的なアプローチに比べていくつかの重要な利点がある。

2. サステナビリティを統合すると、短期と長期の価値の源泉の対立を克服できる。投資家は日々、目先の情報の洪水にさらされ、企業の真の長期的価値を評価する視界が曇ることがある。直近の財務データと、サステナビリティ要素から生じる長期的なリスクと機会の両方を考慮する統合的なバリュエーションによって、運用担当者はその企業の長期的な価値を常に明確にしておくことができる。

1. 財務予測と企業のサステナビリティパフォーマンスとのトレードオフを是正する。運用担当者は、財務の観点から魅力的に見える一方 3. 財務モデルの多くは、長期的な財務の想定について複数の異なる視点を取り込むことでサステナビリティパフォーマンスが弱い、ができないという弱点を持つが、統合によっあるいはその逆の企業に投資するかどうかてこれを補うことができる。その弱点は、短のジレンマに陥ることがある。そのために一期業績がフェアバリューの評価に著しい影響貫性のない投資判断をしたり、ポートフォリオを及ぼすばかりか、本来ならより長期の想定のサステナビリティパフォーマンスか財務業によりモデルに組み込まれるべき企業の長績のどちらかを犠牲にしたりする。調査プロ期的な戦略と業績をめぐる固有の観点がほセスで両方の視点を融合しない限り、投資家とんど見落とされてしまうことを意味する。がその会社のフェアバリューを正しく判断を企業のサステナビリティパフォーマンスを考することは難しい。慮することで、その企業が直面する長期のリスクと機会を明らかにし、ひいては将来のキャッシュフロー、費用、リスクのモデル化に直近の財務データと、サステナビリティ要素際して、より緻密で多くの情報に基づいた想から生じる長期的なリスクと機会の両方を考定を行うことができる。

慮する統合的なバリュエーションによって、運用担当者はその企業の長期的な価値を初めて明確に評価することができる。

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まとめ当社は、サステナビリティ投資に特化した資産運用会社として、設立当初からサステナビリティの取り組みによる財務的なインパクトに着目してきた。それは、1999年に導入したコーポレート・サステナビリティ評価手法の基礎となっている。これを軸に、当社は、短期の財務予測と長期のサステナビリティ要素の影響をバランスさせた株価のフェアバリューを算出するため、投下資本利益率（ROIC）と加重平均資本コスト（WACC）を用いる評価モデルを開発した。当社は、企業のサステナビリティスコアの合計をそのフェアバリューにただ上乗せするのではなく、より深く、高度に微細な調整をモデルに施している。

当社は、先進的な企業との連携を通して、サステナビリティがどのように企業に価値を付加しているかについて知見を獲得し、それによって財務モデルを強化している。

特定のサステナビリティ要素についての企業のパフォーマンスと、長期トレンドに対する企業のポジショニングが、企業の本当の価値に対する長期的評価に及ぼす影響を理解しようと努めている。当社はサステナビリティを投資プロセスに統合するアプローチを刷新し続けているが、世界の先進企業もまた、自社のサステナビリティ活動の財務的な効果を定量化するための有効な方法を模索している。当社では、これらの大手企業と連携することで、サステナビリティがどのように企業の価値創造に寄与しているかについて優れた知見を獲得し、それによって財務モデルを強化することができている。反対に、企業には自社のサステナビリティ活動が事業と財務実績にもたらす効果をより明確に認識してもらうことで、より多くの経営資源をサステナビリティに振り向け、それによってサステナビリティの戦略的重要性を高めるよう働きかけることができている。

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3. 企業の税務戦略：投資家にとってのサステナビリティリスク

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この10年間にわたる多国籍企業による濫用的租税回避行為の増加により、投資家にとってのリスクは高まっている。こうしたリスクは企業評価に組み入れる必要がある。しかし、企業の納税地に関する透明性は未だ低いため、投資家が企業税務に伴うリスクを評価するのは難しい。このためRobecoSAMは、2014年のコーポレート・サステナビリティ評価から税務の透明性に関する新しい基準を導入した。Senior Sustainability Investing AnalystのMatthias Müllerが、この新しい枠組みの概要と今年の評価の主な結果について解説する。 Matthias Müller Senior Sustainability Investing Analyst

長期投資家にとってのリスク国家間や国内地域間の租税競争により生じた法人税率の差を背景に、事業活動を全世界的に展開する企業にとって税負担の最適化が可能になっている。例えば、移転価格やグループ内の融資と金融取引を通じて税率の高い国から低い国に利益を移転することができる。当社では、法人税の最適化について、経済活動を行った場所で適切な納税が行われる

限り、投資家にとってはむしろ望ましいことであると考えている。しかし、過度に濫用的な税務戦略は、長期的な企業価値に直接・間接の財務リスクをもたらすため、中長期的には最良でない可能性がある。このため、長期視点の投資家は、企業のリスクを評価する際、その税務慣行も検討の対象に加える必要がある。

過度に濫用的な税務戦略は、長期的な企業価値に対して直接・間接の財務リスクをもたらすため、中長期的には最良でない可能性がある。

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濫用的租税回避による直接的な財務リスク：直接的な財務リスクとは、税務コスト最適化のスキームを活用することから生じうる企業の貸借対照表や損益計算書への直接的な影響をいう。直接的リスクの例は以下のとおり。 • 長期的に見ると、税法の改正により低い法人税率のメリットが受けられなくなる可能性がある。 • 所得がその企業の本国に送還され、国内税率で再度課税される場合（例えば、米国本社の企業の場合）、直ちに多額の税金関連コストが生じる可能性がある。

• 海外に多額の現金を保有する企業は、外国企業の買収に資金を払いすぎたり、税の最適化戦略の一環として非戦略的買収を行ったりする可能性がある。

濫用的租税回避による間接的な財務リスク：他のリスクは企業に間接的な財務上の影響をもたらす場合がある。間接的リスクの例は以下のとおり。

• 税の最適化戦略が行き過ぎていると受け止められた場合、レピュテーションリスクが生じ、結果的に消費者のボイコットや他社への乗り換えが起き、減収となる可能性がある。

• 濫用的な税の最適化戦略は、納税額が低くなった受入国との関係悪化を招きかねない。

そうなれば当該国の当局との交渉が難しくなり、例えばプロジェクトの認可の遅れや拒否の他、最悪の場合、操業許可（license to operate）を取り消される恐れすらある。

• 特に新興国で事業を行っている企業にとって、現地の経済発展リスクは重要である。地元政府が十分な法人税収入を得られなくなれば、インフラ投資や教育のための資金が払底する。この場合、そうした国で事業を行っている企業の潜在成長力は抑制される可能性がある。

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税務戦略基準：評価の代替指標としての透明性 RobecoSAMは、企業の税関連リスクに対するエクスポージャーを評価するために2014年コーポレート・サステナビリティ評価（CSA）において新しい税務戦略基準を導入した。この新しい税務戦略基準は、企業の租税構造に対する批判が高まる中で、税務報告の透明性や租税に伴うリスクへの対応を評価することを目的としている。数多くの企業を対象に法人所得税戦略に伴うリスクを体系的に評価しようとした場合、透明性を評価の指標として用いることができる。税務に関する透明性が高ければ、その企業の税務関連リスクを評価することができる。また、濫用的租税回避行為に消極的な企業は、高度な税の最適化スキームを活用する企業に比べて透明性が高い傾向がある。

企業には、事業を行っている国における税法規の字義のみならず、その精神も遵守することが期待されている。構造新しい企業税務基準には、税務方針、税務報告、税務リスクの3つの柱を設けた。また、これには当社のMedia & Stakeholder Analysis （MSA）の情報も加味している。MSAでは、違法と考えられる税慣行や企業の名声に重大な悪影響を及ぼしうる税慣行に関する情報が、外部のメディアや他の機関から発信されていないかをモニターしている。

税務方針最初の質問は、企業が法人税に対するアプローチを明確に表明する税務方針や税務原則を定めているかを検証するものである。多くの場合、税の最適化戦略は合法的であるため、企業が財務報告に「当社は事業対象国の全ての税法規を満たしている」とする一般的な記載を入れるだけでは十分な開示とはいえない。そうではなく、OECD（経済協力開発機構）が指摘しているように、企業には税法規の字義のみならず、その精神も遵守する税慣行が期待されている。 CSAの評価においては、税法の精神に則った取り組みへの直接的な宣言に加え、例えば、「税金逃れだけを目的とした税構造を使用していない」とか、「移転価格の算定についてはアームズレングス原則を常に適用している」といった表現も有効と見なし、評価した。そうした文書が全てのステークホルダーに公表されることがベストプラクティスであるものの、これはまだ新しい課題であるため、内部文書も可とした。税務報告次に、企業による地域ごとの租税開示の程度に注目した。売上高や営業利益、法人税納付額などの情報を主要売上地域別に、またはより詳細に国別のデータとして開示しているかどうかを評価した。こうした情報と国の法定税率とを併せると、投資家は予想税率を計算できる。これは、投資家が実効税率と予想税率の差（企業が濫用的な税の最適化構造を追求しているかどうかを示唆する）を分析するのに役立つため、租税構造に伴う潜在的リスクの警告となりうる。

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税務報告が詳細であればあるほど、租税構造に企業が税務リスク、特に標準的な財務リスクを伴うリスクの評価が容易となる。そのため、詳細超えた税務リスクに対してデューデリジェンスをな税務報告を行っている企業ほど、この質問で実施しているかどうかを評価するものである。は高いスコアを与えた。ただし、多数の国で事前述のように、財務リスクは、税率の変更や税業を展開している多国籍企業にとっては、詳細法改正、未解決の租税訴訟や海外利益の本な国別報告を網羅的に行うことは非現実的かも国送還による税への影響などの「直接的な財しれない。こうしたことから、予想税率が実効税務リスク」をいう。一方、事業リスク、すなわち率と異なる理由を詳しく説明するだけでも、投「間接的な財務リスク」は、レピュテーション資家にとっては貴重な情報となるため、そのよリスク、特定の地域や国での操業許可をはく奪されるリスク、受入国との関係に悪影響がうな企業にも部分的なスコアを与えた。及ぶリスク、現地の経済発展に係るリスク、濫用的税務戦略による企業イメージの悪化が税務リスク最後に、企業には租税および税務構造に関す従業員の士気に悪影響を及ぼすリスクなどをる自社の意思決定に伴うリスクを認識するこ指す。なお、この質問については、企業が法人とが求められている。企業の税務構造は社会税構造を決める際にそうしたリスクを実際に検的議論になりつつあり、タックスヘイブン（租討したことを示す明確な証拠を提出するよう求税回避地）やタックスインバージョン（節税のめている。ための本社移転）、移転価格などのテーマは、ステークホルダーの大きな関心事項となっている。したがって、ここでの3番目の質問は、

企業には、税構造に関する自社の意思決定に伴うリスクを認識することが求められる。

図1：企業の法人税戦略を評価するためのRobecoSAMの枠組み

税務方針

税務報告

税務リスク

• 企業が税務へのアプローチ

• 売上高、営業利益、法人税納

• 企業が税務に伴う財務リスク

を示すための税務方針を定

付額について、国別または地

および事業リスクを検証して

域別に報告しているかどうか

いるかどうかを評価する

めているかどうか、また、その方針が一般に公表されて

（透明性）を評価する

いるかどうかを評価する

メディア＆ステークホルダー分析（MSA）出典：RobecoSAM

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評価の結果以下は、2 0 1 4 年 C S A の質問票に回答したと、産業や地域ごとの特色について興味深い結 830社に基づいた結果である。まず、産業別、果が得られた。そして地域別の合計基準スコアを比較分析する

図2：産業グループ別の税務戦略の平均スコア

税務戦略基準の平均スコア（100点満点）

60 55 50 45 40 35 ヘルスケア機器・サービス

商業・専門サービス

テクノロジー・ハードウェアおよび機器

ソフトウェア・サービス

家庭用品・パーソナル用品

耐久消費財・アパレル

半導体・半導体製造装置売

食品・生活必需品小売

自動車・自動車部品

運輸

素材

医薬品・バイオテクノロジー・ライフサイエンス

各種金融

食品・飲料・たばこ

資本財

平均スコア

小売

不動産

保険

消費者サービス

メディア

銀行

エネルギー

電気通信サービス

公益事業

出典：RobecoSAM

産業による違い：公益事業と電気通信サービスがリード、多国籍企業は苦戦公益事業、電気通信サービス、エネルギーなど、比較的大きな有形資産基盤をもつ業界の企業は、全般にスコアが高かった。その理由として考えられるのは、これらの企業は諸外国への事業移転が容易でなく、そのため、受入国との良好な関係性を維持することが極めて重要になるという事情である。結果的にこれらの企業はあまり濫用的租税回避に向かわず、税慣行の透明性を高めることができている。しかし、それ以上にこれらの企業のスコアを相対的に高めている重要な理由は、事業を行っている国が限られた数カ国か、場合によっては 1国のみに限定されているため、国別の税務報告が容易だという点である。最後に、特定の産業では規制当局の開示要件が他より厳しく、それがスコアにも影響を与えている。現在実施済みまたは実施途上にある産業固有の報告フレームワークには、資源採取産業に属する企業に対してその産出国に支払う税金とロイヤルティの報告を義務付ける「採取産業透明性イニシア

ティブ（EITI）」やドッド＝フランク法、EUの会計および透明性指令などがある。銀行セクターのスコアが相対的に高いのも、欧州資本要件指令第4号などの規制当局による厳しい開示要件が一因と考えられる。スコアが低い産業には、ヘルスケア、情報技術などの研究集約型産業に加え、多数の国に事業拠点をもつ一般消費財・サービス、生活必需品産業が含まれている。当社の評価の主眼が税務戦略の透明性にあるため、研究集約型セクターの低スコアは、これらの企業が税務問題の報告を強く迫られていないことも一因と考えられる。さらに、これらの企業は主に無形資本に依存しているため、課税所得の源泉地を明確にするのが難しい。多国籍企業については、法人税の詳細な地域別（国別）内訳を提示するのはさらに困難である。しかし、当社の評価ではこの問題に対し、集計（地域）報告を行っている企業には部分的にスコアを付与した。

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図3：地域別の税務戦略の平均スコア

税務戦略基準の平均スコア（100点満点）

欧州

平均スコア

新興国市場

北米

アジア太平洋

出典：RobecoSAM

地域による違い：欧州がトップ欧州企業の平均スコアが最も高いという結果になった。国レベルでは、とりわけオランダ、スペイン、英国の企業において顕著である。欧州諸国が他を上回った一因は、英国などの一部の国が詳細な開示を義務付けているためである。

単なる税法の遵守を超える税務方針を公式に表明している企業は10％未満である。アジア太平洋の企業の平均スコアが最も低かった。しかし、これには日本企業のスコアがこの地域の平均値を引き下げたことが響いている。反対に、オーストラリアの企業は欧州企業並みの水準であった。新興国市場の中では中南米が平均を上回った。主に母国市場で事業を行い、海外事業をほとんど、またはまったく行っていない企業の割合が高いことが一因である。北米では、法人税の透明性は全般に低めである。しかし、カナダが善戦した一方、米国が全体の足を引っ張ったのが興味深い。米国の法人税の透明性が相対的に低いのは、その不利な法人税規制と、最小限の開示しか義務付けていない報告基準で説明できる。

税務方針：改善の余地は大きい参加企業のうち、単なる税法の遵守を超える税務方針・原則を公式に表明している企業は10％未満であった。71％は税務方針を策定していないか、自社の税慣行は税法に則っていると表明しているだけなので、この質問では得点にならない。興味深いのは、約20％が内部税務方針の中で移転価格や税慣行から生じる潜在的なレピュテーションリスクについて言及していることだ。また、少数ではあるものの、租税の倫理的側面などの課題を定めている企業もあった。非公開の税務方針の多くは、社内のさまざまな財務部門向けのガイドラインとして使用されているものであった。

図4：公開または非公開の税務方針を定めている企業の割合

9% 20%

71%

現地の法遵守以上の税務方針はない（上記を超える内容の）非公開の税務方針がある（上記を超える内容の）公開の税務方針がある出典：RobecoSAM

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図5：地域別・国別の売上高と法人税支払額を報告している企業の割合 60%

50%

50% 40%

29%

30% 20%

17% 11%

10% 0

国別売上高

地域別売上高

国別法人税納付額

地域別法人税納付額

出典：RobecoSAM

税務報告：国別報告は依然として課題地域レベルで地域別売上高を報告するのは一般的だが、国・地域ごとの納税額についての透明性は依然低い。参加企業830社のうち、国別の納税額を報告している企業は約17％で、地域別の納税額を報告しているのは11％前後にすぎない。なお、国別の税金を報告している17％のうち、多くの企業は1国でしか事業を行っていない。売上高の地域別報告が広く浸透しているのは、一定の報告を義務づける規制があるためだ。しかし、納税額に関する報告に関しては、国レベルでの報告は義務となっていない。ただ、上述のように特定のセクターや国では、より詳細な税務報告が義務付けられている。

国・地域ごとの納税額についての透明性は依然低い。国別の納税額を報告している企業は 17％にとどまっている。

税務リスク：非財務リスクはほとんど放置されている現金の本国送還による直接的な影響であろうと、例えば企業の名声に傷がつくような間接的なものであろうと、濫用的租税回避による財務への影響は甚大になる可能性がある。しかしながら、企業がこれらのリスクをどのように考慮しているかについての開示は低い水準にとどまっている。企業の約24％は、そうしたリスクは特に考慮していないと答えたか、考慮していることを示す証拠を提示できなかった。また、63％は直接的な財務リスクだけを考慮していた。非財務または間接的なリスクを1つでも報告している企業は13％にとどまっている。報告された全ての間接的リスクのうち、約70％が企業のレピュテーションに、10％は事業に対する操業許可にそれぞれ関係するものだった。

図6：税務リスクの開示 3%

10%

24% 63%

直接的な財務リスクのみリスクを考慮していない直接的な財務リスク＋1つの間接的リスク直接的な財務リスク＋2つの間接的リスク出典：RobecoSAM

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結論と見通し法人所得税は、長期的な企業価値に大きな影響を与えるトピックである。このため、投資家が企業税務から生じる潜在的リスクを評価するために十分な情報を得られること、そしてこの情報が投資判断のプロセスに加味することが重要である。

ステークホルダーに付加価値を提供することとなる。最後に、税問題の詳細なリスク評価、特に間接的な財務リスクについては、まだ一般的な取り組みとはなっていない。こうした評価の責任は取締役会が担うべきである。

当社では、法人税の透明性は今後向上するとみている。ますます多くの規制の枠組み（セクますます多くの規制の枠組みが整備され、透ター、地域、地域相互レベルで）が整備され、透明性向上への要請が強まる中、そうして開示明性向上への要請は強まっている。される情報へのステークホルダーの関心は高まっている。特に投資家は、株主総会で適格な全体として今年の評価結果から明らかになった質問を行い、企業との対話に参加することで、のは、企業の納税地に関する透明性は依然低企業に対してより高い透明性を求めることがでいものの、企業、産業、地域によってもその実態きる。RobecoSAMは今後とも、企業に対しては大きく異なるという点である。先進企業は、透明性の向上を促し、濫用的租税回避による直法人税慣行をより詳細に報告することが可能で接・間接の財務リスクに対する認識を高めるべあることを示しており、他社はこれらの企業のく、CSAにおける税務戦略基準を開発強化して事例をベストプラクティスとして活用することがいきたいと考えている。CSAの税務戦略基準については企業や社外の投資家から前向きな感できる。想や意見が寄せられており、法人所得税の複雑法人税慣行の手法を記述する税務方針の実施な課題に対する当社のアプローチの方向性はは、透明性の改善に向けた比較的容易な第一歩正しいと意を強くしている。である。しかも、対象企業の71％が現地法規制の遵守を超える税務方針を定めていないため、この分野では改善の余地が大きい。一方、納税地についてより詳細に報告するのは、特に多国籍企業にとってはハードルが高い。しかし、企業はすでに、事業を行っている国の税務当局に詳細な会計データを提出しなければならないため、データを集めること自体はそれほど難しくないだろう。また、地域レベルで集計した税務データを報告するというのも一案であり、これでも

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4. サステナビリティリーダー2015

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RobecoSAMは、毎年3,000を超える世界の大手企業にコーポレート・サステナビリティ評価（CSA）の参加を呼びかけている。その中で集積した情報を基にコーポレートサステナビリティに関する世界最大級のデータベースを構築してきた。コーポレート・サステナビリティ評価（CSA）への参加率は年々高まっている。今年の参加企業数は過去最高を記録し、サステナビリティが企業の最重要課題としてビジネスの表舞台に登場してきたことをうかがわせる。ここでは、分析対象とした全59産業の各々に属する企業の競争的地位に影響を及ぼす、経済、環境、社会のトレンドと動向から生じる機会とリスクに光を当て、RobecoSAMの知見を解説する。各産業の上位 15％の企業を本『サステナビリティイヤーブック』に掲載し、また、実績に応じてRobecoSAMの「ゴールドクラス」「シルバークラス」「ブロンズクラス」のいずれかに認定している。また、各産業のトップ企業を「RobecoSAMインダストリーリーダー」として表彰する。なお、同イヤーブックに掲載されるためには、所属産業のインダストリーリーダーのスコアとの差が 30％以内であることが条件となる。『サステナビリティイヤーブック』に掲載する企業の選定においては、C S A による企業のサステナビリティスコアに加え、R o b e c o S A M のメディア＆ステークホルダー分析（ M S A ）に基づく定性的審査を実施した。M S A は、メディア報道および RepRisk ESG Business Intelligenceが提供するステークホルダー向け公開情報の検証を基に、対象年に生じうる重大なサステナビリティ問題への企業の対応を評価するものである。なお、 DJSI Design Committee（DJSI設計委員会）がダウジョーンズ・サステナビリティ・インデックス（DJSI）の構成銘柄から銘柄を除外する場合にも、その判断はMSAに基づいてなされる。

サステナビリティアワードインダストリーリーダー2015

各産業において最高スコアを獲得した企業にこの称号が与えられる。インダストリーリーダーとは、経済、環境、社会の各側面における動向から、その業界の中で最もビジネスの機会を創出し、リスクを管理できる態勢にあると評価された企業である。

サステナビリティアワードゴールドクラス2015

インダストリーリーダーのスコアとの得点差が 1 ％以内のスコアを獲得した企業は、 RobecoSAMゴールドクラスに認定される。

サステナビリティアワードシルバークラス2015

インダストリーリーダーのスコアとの得点差が 1 ～ 5 ％以内のスコアを獲得した企業は、 RobecoSAMシルバークラスに認定される。

サステナビリティアワードブロンズクラス2015

インダストリーリーダーのスコアとの得点差が5～1 0％以内のスコアを獲得した企業は、 R o b e c o S A Mブロンズクラスに認定される。

サステナビリティアワードインダストリームーバー2015

各産業の上位 1 5 ％の企業のうち、前年比でスコアの改善幅が最も大きかった企業は、 RobecoSAMインダストリームーバーに認定される。

36 • RobecoSAM • サステナビリティイヤーブック2015

サステナビリティ・イヤーブック・メンバーイヤーブックに掲載されているが、メダルを授与されなかった企業は全て、サステナビリティ・イヤーブック・メンバーとして掲載される。イヤーブックに

掲載されるためには、所属産業の上位15％に含まれ、かつインダストリーリーダーのスコアとの得点差が30％以内であることが条件となる。

サステナビリティリーダー2015

• • •

RobecoSAMゴールドクラス

RobecoSAMインダストリーリーダーは最上位

企業名 *

国

に記載される。各メダルでは、企業はアルファベ

企業名

国

ット順に記載される。『サステナビリティイヤーブ

企業名

国

した企業数は以下のとおりである。

企業名

国

RobecoSAMシルバークラス

ック』に掲載された457社のうち、メダルを受賞

RobecoSAMブロンズクラス

RobecoSAMゴールドクラス69社

企業名 **

国

RobecoSAMシルバークラス54社

企業名

国

RobecoSAMブロンズクラス112社

サステナビリティ・イヤーブック・メンバー企業名

国

企業名

国

* RobecoSAMインダストリーリーダー ** RobecoSAMインダストリームーバー

項目の説明

産業別統計後述の各産業プロフィールに掲載される項目は、以各産業において2014年のCSAの調査対象となった企業数などを示す。評価対象となった企下のとおりである。業数は、CSAに積極的に参加した企業および公開情報のみに基づいてRobecoSAMが評価し推進力各産業の競争環境を取り巻く現在と将来的な課題た企業の合計である。を解説する。産業レベルの結果 2014年のCSAのスコアを概説する。各産業に注目すべき基準 2014年のCSAで評価対象となった業界それぞれついて、評価対象企業の平均スコアと最高スコに固有の主な基準、および全産業共通の基準を記ア、それに経済、環境、社会的領域の平均スコアと最高スコアを示す。また、3領域の配点も載する。示す。

サステナビリティイヤーブック2015 • RobecoSAM • 37

RobecoSAM インダストリーリーダー 2015

38 • RobecoSAM • サステナビリティイヤーブック2015

インダストリーリーダー2015

企業名

産業

国

Abbott Laboratories

ヘルスケア機器・用品

米国

Agilent Technologies Inc

ライフサイエンスツール・サービス

米国

Air France-KLM

旅客航空輸送業

フランス

Akzo Nobel NV

化学

オランダ

Alcatel-Lucent

通信機器

フランス

Alcoa Inc

アルミ

米国

Amec PLC

エネルギー設備・サービス

英国

Ball Corp

容器・包装

米国

Banpu PLC

石炭・消耗燃料

タイ

Barrick Gold Corp

金属・鉱業

カナダ

Bayerische Motoren Werke AG

自動車

ドイツ

ベネッセホールディングス

各種消費者サービス

日本

Biogen Idec Inc

バイオテクノロジー

米国

Bombardier Inc

航空宇宙・防衛

カナダ

British American Tobacco PLC

タバコ

英国

CNH Industrial NV

機械および電気設備

英国

Coca-Cola HBC AG

飲料

スイス

EDP - Energias de Portugal SA

電力

ポルトガル

Electrolux AB

家庭用耐久財

スウェーデン

Gas Natural SDG SA

ガス

スペイン

GPT Group

不動産

オーストラリア

Humana Inc

ヘルスケア・プロバイダー、ヘルスケア・サービス

米国

Hyundai Engineering & Construction Co Ltd 建設・土木

韓国

ING Groep NV

各種金融サービスおよび資本市場

オランダ

花王株式会社

パーソナル用品

日本

KEPCO Plant Service & Engineering Co Ltd 商業サービス・用品

韓国

Kering

繊維・アパレル・贅沢品

フランス

LG Electronics Inc

レジャー用品および民生用電子機器

韓国

Lite-On Technology Corp

コンピュータ・周辺機器および事務用電子機器

台湾

Lotte Shopping Co Ltd

小売

韓国

丸紅株式会社

商社・流通業

日本

Owens Corning

建設関連製品

米国

Pirelli & C. SpA

自動車部品

イタリア

POSCO

鉄鋼

韓国

Reckitt Benckiser Group PLC

家庭用品

英国

Roche Holding AG

医薬品

スイス

Royal Mail PLC

運輸および運送インフラ

英国

サステナビリティイヤーブック2015 • RobecoSAM • 39

企業名

産業

国

Samsung Electro-Mechanics Co Ltd

電子装置・機器・部品

韓国

SAP AG

ソフトウェア

ドイツ

Schneider Electric SA

電気部品・設備

フランス

SGS SA

専門サービス

スイス

Siam Cement PCL

建設資材

タイ

Siemens AG

コングロマリット

ドイツ

Sodexo

レストラン・レジャー設備

フランス

Spectra Energy Corp

石油・ガス貯蔵・輸送

米国

住友林業株式会社

住宅建設

日本

Swiss Re AG

保険

スイス

Tabcorp Holdings Ltd

カジノ・ゲーム

オーストラリア

Taiwan Semiconductor Manufacturing Co Ltd

半導体・半導体製造装置

台湾

Telecom Italia SpA

各種電気通信サービス

イタリア

Telenet Group Holding NV

メディア

ベルギー

Thai Oil PCL

石油・ガス

タイ

Unilever NV

食品

オランダ

United Utilities Group PLC

総合公益事業および水道

英国

UPM-Kymmene OYJ

紙製品・林産品

フィンランド

Westpac Banking Corp

銀行

オーストラリア

Wipro Ltd

情報技術サービスおよびインターネットソフトウェア・サービス

インド

Woolworths Ltd

食品・生活必需品小売

オーストラリア

Wyndham Worldwide Corp

ホテル・リゾート・クルーズ船

米国

40 • RobecoSAM • サステナビリティイヤーブック2015

世界で最も持続可能な企業はどこに分布しているのか？

3,300

全3,300社の時価総額に対する評価対象企業の合計時価総額の割合

の企業に2014年コーポレート・サステナビリティ評価（CSA）への参加を呼びかけ

アジア太平洋：87.8% 新興国市場*: 61.1%

42カ国の 830社が2014年CSAに積極的に参加

欧州：92.3% 北米：89.7%

ゴールドクラス 16社

アジア太平洋

シルバークラス 11社

サステナビリティ・イヤーブック・メンバー 99社

34カ国の 457社を『サステナビリティイヤーブック2015』に掲載ゴールドクラス 69社

インダストリーリーダー 14社

ブロンズクラス 29社

ゴールドクラス 9社

新興国市場*

シルバークラス 5社

サステナビリティ・イヤーブック・メンバー 54社

インダストリーリーダー 6社

シルバークラス 54社

ブロンズクラス 12社

ゴールドクラス 33社

インダストリーリーダー 59社

欧州サステナビリティ・イヤーブック・メンバー 211社

ブロンズクラス 112社

222社

サステナビリティ・イヤーブック・メンバー

シルバークラス 30社インダストリーリーダー 28社

ブロンズクラス 49社

ゴールドクラス 11社

北米

シルバークラス 8社

サステナビリティ・イヤーブック・メンバー 93社

インダストリーリーダー 11社

ブロンズクラス 22社

* ブラジル、チリ、中国、コロンビア、チェコ共和国、エジプト、ギリシャ、ハンガリー、インド、インドネシア、マレーシア、メキシコ、モロッコ、ペルー、フィリピン、ポーランド、カタール、ロシア、南アフリカ、台湾、タイ、トルコ、アラブ首長国連邦

参加率上位10産業 ROBECOSAMのCSAへの参加を要請した企業に対し、積極的に参加した企業の割合（％）家庭用品

たばこ

アルミ

紙製品・林産品

自動車

飲料

建設資材

容器・包装

ホテル・リゾート・クルーズ船

化学

33 0%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

サステナビリティイヤーブック2015 • RobecoSAM • 41

42 • RobecoSAM • サステナビリティイヤーブック2015

ブックメンバー数の前年比増減を示す

( ) は2015年イヤー

ゴールドクラスの企業数

サステナビリティイヤーブックに掲載された企業数

8 1

1 (+1)

チリ

コロンビア

1 (+1)

米国

76 (-3) 9

メキシコ

17 2

カナダ

12 1

ブラジル

9 (-1) 1

フィンランド

16 (+2) 4

20 1 13 (-2) 4

イタリア

6 (-3)

南アフリカ

スイス

スペイン

1 (+1)

27 (+2) 4

ドイツ

デンマーク

4 (-1)

4 1

10 (-3) 1

スウェーデン

ノルウェー

ハンガリー

3 (-1) 1

16 4

オランダ

ポルトガル

34 (-1) 5

フランス

2 (+1)

ルクセンブルク

50 (-2) 7

英国

ベルギー

世界で最も持続可能な企業はどこに分布しているのか？

マレーシア

6 (+2) 1

インド

シンガポール

韓国

8 3

台湾

20 (-5) 4

オーストラリア

1 (+1)

香港

36 (-2) 7

インドネシア

8 (+3) 3

タイ

1 (+1)

中国

39 5

ニュージーランド

日本

産業プロフィール： 59産業の概要産業

ページ

産業

ページ

ホテル・リゾート・クルーズ船

家庭用耐久財

家庭用品

自動車部品

コングロマリット

自動車

保険

銀行

飲料

情報技術サービスおよびインターネットソフトウェア・サービス

バイオテクノロジー

レジャー用品および民生用電子機器

建設関連製品

ライフサイエンスツール・サービス

カジノ・ゲーム

機械および電気設備

化学

メディア

石炭・消耗燃料

金属・鉱業

商業サービス・用品

総合公益事業および水道

通信機器

石油・ガス

コンピュータ・周辺機器および事務用電子機器

石油・ガス貯蔵・輸送

紙製品・林産品

建設・土木

パーソナル用品

建設資材

医薬品

容器・包装

専門サービス

各種消費者サービス

不動産

各種金融サービスおよび資本市場

レストラン・レジャー設備

電力

小売

電気部品・設備

半導体・半導体製造装置

電子装置・機器・部品

ソフトウェア

エネルギー設備・サービス

鉄鋼

食品・生活必需品小売

各種電気通信サービス

食品

繊維・アパレル・贅沢品

ガス

ヘルスケア機器・用品

ヘルスケア・プロバイダー、ヘルスケア・サービス

住宅建設

航空宇宙・防衛

旅客航空輸送業

アルミ

タバコ

100

商社・流通業

101

運輸および運送インフラ

102

サステナビリティイヤーブック2015 • RobecoSAM • 43

Aerospace & Defense

Driving forces The aerospace & defense industry remains a profitable yet challenging business. Global cuts in government spending, especially in the United States, will put significant financial pressure on companies, forcing them to realign their strategies and diversify their business models. The commercial aerospace segment remains lucrative, with a strong demand for fuel-efficient next generation products. Cooperation with both customers and suppliers remains a key driver of innovation. Product stewardship, life cycle management and operational eco-efficiency have become key requirements for both commercial and military applications. The call for alternative fuels and propulsion technologies is increasingly becoming a question of not only operating costs, but one of national security and public policy. Governance, compliance and bribery issues remain a threat to companies involved in the manufacture and sale of aerospace and defense products. Numerous scandals in the past years and investigations by authorities have led to a call for increased transparency and accountability by these companies. The sensitive nature of the business and the importance of this industry to national governments increase the public scrutiny around companies operating in this space.

• •

Sustainability leaders 2015

Canada

RobecoSAM Bronze Class BAE Systems PLC Lockheed Martin Corp

Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Compliance with Applicable Export Control Regimes – Corporate Governance Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Stakeholder Engagement

Industry statistics

RobecoSAM Gold Class Bombardier Inc*

Highlighted criteria

United Kingdom United States

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Sustainability Yearbook Members Embraer SA Finmeccanica SpA Thales SA** * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Brazil

Results at industry level

Italy France

Dimension

Average

Best

Dimension

score

weight

Economic

43%

Environmental

22%

Social

35%

Total score average score: 49 best score: 80 0 25 50 75 100

44 • RobecoSAM • サステナビリティイヤーブック2015

Airlines

Commercial airlines continue to face a competitive and challenging environment. Volatile fuel costs combined with fierce competition from low-cost and ultra-low-cost carriers are forcing airlines to rethink their business plans and adapt their long-term growth strategies. Consolidation continues throughout the industry, and new route-sharing partnerships help create economies of scale and reduce operating costs. The EU Emissions Trading Scheme, originally scheduled to include all airlines from January 2013, has been put on hold until 2016, giving the UN’s International Civil Airline Authority (ICAO) additional time to develop a global alternative. For now, the scheme will include all intraEuropean flights, but puts pressure on non-European airlines with European operations to improve their operational eco-efficiency. Although airlines have made significant strides in improving fuel efficiency and investments in the latest generation aircraft remain strong, further cooperation between the private and public sectors is needed to meet the 2020 goal of neutralizing net CO2 emission growth. This includes increasing cooperation on the development of alternative fuels and the implementation of advanced route planning systems and navigation technologies.

•

Sustainability leaders 2015

France

Sustainability Yearbook Members Delta Air Lines Inc Latam Airlines Group SA** * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Economic Dimension – Efficiency – Fleet Management – Risk & Crisis Management Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Labor Practice Indicators and Human Rights – Stakeholder Engagement – Talent Attraction & Retention

Industry statistics

RobecoSAM Gold Class Air France-KLM*

Highlighted criteria

United States Chile

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

Economic

44%

Environmental

26%

Social

30%

Total score average score: 54 best score: 85 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 45

Aluminum

Driving forces Energy consumption and climate change remain two of the most pressing issues facing the aluminum industry. Today, coal and hydropower are the primary energy sources used in aluminum production. Although power consumption (MWh/t) has halved over the past ten years, smelting remains an energyintensive process that uses considerably more energy than steel production. This ecological disadvantage is partly offset by the significantly lower specific weight of aluminum and the moderate energy input required for aluminum recycling. Nevertheless, further decreases in energy consumption and greenhouse gas emissions from anode consumption remain a key challenge. In terms of social sustainability, occupational health and safety dominate the agenda. However, as aluminum producers become vertically integrated, they also increasingly face additional sustainability issues such as stakeholder engagement and mineral waste management.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance – Customer Relationship Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Occupational Health and Safety – Social Impacts on Communities – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Alcoa Inc*/**

Number of companies in universe United States

RobecoSAM Silver Class Norsk Hydro ASA * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Norway

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level Dimension

Average

Best

Dimension

score

weight

25%

Environmental

34%

Social

41%

Economic

Total score average score: 61 best score: 83 0 25 50 75 100

46 • RobecoSAM • サステナビリティイヤーブック2015

Auto Components

Driving forces Intense competition in the automotive industry requires suppliers of auto components to consistently deliver products with improved reliability, efficiency, and contribution to the automobile’s fuel efficiency performance. The auto components industry faces constant competitive pressure to reduce prices on its existing product range and, at the same time, a continued shift of the automobile production base from developed into emerging markets. This puts large leading suppliers at an advantage relative to small regional producers. Innovation remains a key differentiating factor, enabling companies to secure a competitive advantage. Supply chain management has grown in importance as efforts to improve efficiency have led to a consolidation of the industry, resulting in fewer, but more global players.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Innovation Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Pirelli & C. SpA*

Italy

RobecoSAM Silver Class Cie Generale des Etablissements Michelin

France

RobecoSAM Bronze Class Hyundai Mobis

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

South Korea

Results at industry level

Sustainability Yearbook Members Bridgestone Corp**

Number of companies in universe

Japan

Hankook Tire Co Ltd

South Korea

Johnson Controls Inc

United States

Dimension

Average

Best

Dimension

score

weight

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Economic

27%

Environmental

37%

As of October 31, 2014

Social

36%

Total score average score: 48 best score: 85 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 47

Automobiles

Driving forces The automobile industry faces a number of key challenges including the need to define and implement a clear market positioning strategy in an environment characterized by overcapacities, cut-throat competition, and cost pressure stemming from high R&D costs. Given increasingly tight regulations on greenhouse gas emissions and air pollutants, as well as the industry’s dependence on oil, carmakers need to improve fuel efficiency and lower the carbon intensity of their product portfolios by introducing alternative propulsion systems such as electric motors, for instance. Talented, skilled and motivated employees are a key success factor for developing innovative products, and over time, this is becoming increasingly critical as production and research is still mostly carried out in developed countries with aging populations.

Highlighted criteria Economic Dimension – Brand Management – Innovation Management – Supply Chain Management Environmental Dimension – Climate Strategy – Low Carbon Strategy – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Bayerische Motoren Werke AG*

Germany

RobecoSAM Silver Class Fiat Chrysler Automobiles NV Nissan Motor Co Ltd** Volkswagen AG

United Kingdom Japan

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Germany

Results at industry level

RobecoSAM Bronze Class Peugeot SA

Number of companies in universe

France

Sustainability Yearbook Members

Average

Best

Dimension

score

weight

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Economic

34%

Environmental

31%

As of October 31, 2014

Social

35%

Renault SA

Dimension France

Total score average score: 58 best score: 91 0 25 50 75 100

48 • RobecoSAM • サステナビリティイヤーブック2015

Banks

Driving forces The banking industry remains under intense regulatory scrutiny and public pressure in the wake of the credit crisis. The record level of fines and penalties over the past several years has made the restoration of trust and the establishment of simpler and more predictable business models a priority for banks. Many banks are devoting greater resources to risk management and compliance measures as well as revising codes of conduct and addressing cultural issues in order to prevent compliance incidents, which can have a significant impact on a bank’s reputation and financial performance. Restoring customer trust is also essential as is the banks’ ability to adapt their strategies to new trends toward digitalization and the rise of emerging markets. Leading banks are taking a lead in integrating environmental and social factors into their long-term investment strategies. This has served as a foundation not only for developing new products with growth opportunities, but also for ensuring better risk management in the banks’ overall investment strategies.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance – Customer Relationship Management – Financial Stability and Systemic Risk Environmental Dimension – Business Risks and Opportunities – Climate Strategy Social Dimension – Financial Inclusion – Human Capital Development – Talent Attraction & Retention

Sustainability leaders 2015

• • •

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Westpac Banking Corp*

Australia

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Australia & New Zealand Banking Group Ltd

Australia

RobecoSAM Bronze Class Brazil

Banco Santander SA

Spain

Commonwealth Bank of Australia**

Australia

Shinhan Financial Group Co Ltd

Italy

Sustainability Yearbook Members Spain

HSBC Holdings PLC

Banco Bradesco SA

Brazil

Intesa Sanpaolo SpA

Banco Comercial Portugues SA Bancolombia SA Bank of Montreal Bankia SA Barclays PLC BNP Paribas SA CaixaBank SA

Portugal Colombia Canada Spain United Kingdom France

E.Sun Financial Holding Co Ltd

South Africa

Royal Bank of Canada

Canada

Royal Bank of Scotland Group PLC

Standard Chartered PLC

Norway

Best

Dimension

score

weight

Economic

41%

Environmental

23%

Social

36%

Total score average score: 60 best score: 93 0 25 50 75 100

United Kingdom

Societe Generale SA

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Brazil United Kingdom

Nedbank Group Ltd

Citigroup Inc

Denmark

Average

Brazil

Itausa - Investimentos Itau SA

Commerce Canada

DNB ASA

Italy

Skandinaviska Enskilda Banken AB United States

Dimension

United Kingdom

Spain

Canadian Imperial Bank of

Danske Bank A/S

Taiwan

Itau Unibanco Holding SA Lloyds Banking Group PLC

Results at industry level

South Korea

UniCredit SpA

Banco Bilbao Vizcaya Argentaria SA

Australia

National Australia Bank Ltd

Italy

Market capitalization of assessed companies to total market capitalization (%)

Banco do Brasil SA

Banca Monte dei Paschi di Siena SpA

238

Number of companies assessed by RobecoSAM in 2014 126

Sweden France

United Kingdom

Swedbank AB

Sweden

Toronto-Dominion Bank

Canada

As of October 31, 2014

サステナビリティイヤーブック2015 • RobecoSAM • 49

Beverages

Driving forces In the mature global beverage industry, growth will continue to be driven by emerging markets, demographic trends and innovation. Carbonated soft drinks account for the majority of non-alcoholic beverages, but demand in developed markets has been in decline for years as consumers shift toward healthier and/or lower calorie alternatives. Over the last few years, such niche categories as energy drinks or single serve coffee have emerged and expanded. On the other hand, opportunities exist in emerging markets where favorable demographic trends are boosting consumption. Given the large proportion of calories consumed through beverages, the industry’s ingredients and advertising policies have increasingly come under scrutiny. Producers of alcoholic beverages, in particular, face the challenge of implementing effective and responsible marketing strategies. The growing demand in emerging markets has seen production capacity expand in these areas. As a result, the management of social and environmental risks such as water related risks is key to ensuring a sustainable long-term production base.

• •

Sustainability leaders 2015

Economic Dimension – Health & Nutrition – Innovation Management – Strategy for Emerging Markets Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Water Related Risks Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

Industry statistics

RobecoSAM Gold Class Coca-Cola HBC AG*

Highlighted criteria

Switzerland

RobecoSAM Bronze Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Molson Coors Brewing Co

United States

Market capitalization of assessed

PepsiCo Inc

United States

companies to total market capitalization (%)

Sustainability Yearbook Members Coca-Cola Femsa SAB de CV** Diageo PLC Heineken NV * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Mexico

Results at industry level

United Kingdom Netherlands

Dimension

Average

Best

Dimension

score

weight

Economic

46%

Environmental

26%

Social

28%

Total score average score: 56 best score: 89 0 25 50 75 100

50 • RobecoSAM • サステナビリティイヤーブック2015

Biotechnology

Driving forces Biotechnology companies apply technologies based on biological systems to develop products or processes used in medical, industrial and agricultural applications. The industry is characterized by extensive R&D efforts and a high risk of failure in product development. Innovation and intellectual property are key drivers that make highly qualified employees and effective human capital management important success factors. Medical biotechnology companies face challenges related to pricing and reimbursement of their products, global patent protection and public concerns over drug efficacy and safety. The use of biotechnology products in agriculture is widely criticized among certain stakeholder groups. Public controversies focus on the use and release of genetically modified organisms, seeds and plants. The use of genetically modified organisms in industrial production processes is far less controversial. Nevertheless, building and maintaining stakeholders’ trust in their core technologies is a general sustainability challenge faced by companies in the biotechnology industry.

•

Sustainability leaders 2015

Highlighted criteria Economic Dimension – Customer Relationship Management – Innovation Management – Marketing Practices Environmental Dimension – Climate Strategy – Operational Eco-Efficiency Social Dimension – Addressing Cost Burden – Health Outcome Contribution – Stakeholder Engagement – Strategy to Improve Access to Drugs or Products

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Assessed companies to total companies in universe (%)

As of October 31, 2014

companies to total market capitalization (%)

Biogen Idec Inc*/**

United States

Market capitalization of assessed 90

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

46%

Environmental

10%

Social

44%

Total score average score: 38 best score: 80 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 51

Building Products

Driving forces The building products industry consists of a diverse set of companies that manufacture materials and products – including bathroom and kitchen fixtures, air-conditioning and heating equipment – used to build and refurbish buildings and structures. Rapid urbanization in emerging markets, rising awareness of environmental issues and new construction methods have made it a highly dynamic industry. Since buildings are responsible for over 40% of global energy consumption, there is a clear focus on improving energy-efficiency across all building products and operations. As a result, the industry will become even more knowledge-driven than in the past, making talent attraction, retention and human capital development key sources of competitive advantage. Building product manufacturers and distributors increasingly rely on emerging markets as a key pillar of their corporate growth strategy. Therefore, their success depends largely on their ability to adapt their business model to local conditions and to tap into relevant networks to bring relevant products to markets.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Risk & Crisis Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Recycling Strategy Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Owens Corning*

United States

RobecoSAM Bronze Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Asahi Glass Co Ltd

Japan

Market capitalization of assessed

LIXIL Group Corp**

Japan

companies to total market capitalization (%)

TOTO Ltd

Japan

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

Economic

38%

Environmental

31%

Social

31%

Total score average score: 51 best score: 78 0 25 50 75 100

52 • RobecoSAM • サステナビリティイヤーブック2015

Casinos & Gaming

Driving forces The casinos & gaming industry remains under intense public and regulatory scrutiny. Companies must address serious issues such as money laundering, corruption and bribery through robust compliance systems and sound governance. Social issues such as gambling addiction and its social repercussions must also be tackled, not only internally but also for the customer base. The proliferation of online platforms has highlighted the need for effective monitoring and security. Companies in this space are increasingly taking a proactive stance in dealing with these issues, going beyond the minimum legal requirements and setting examples for other companies within the travel and leisure space. On the environmental side, companies are increasing efforts to curb energy consumption while reducing operating costs.

Highlighted criteria Economic Dimension – Anti-crime Policy/Measures – Brand Management – Codes of Conduct/Compliance/ Corruption & Bribery Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Labor Practice Indicators and Human Rights – Promoting Responsible Gaming – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Tabcorp Holdings Ltd*

Australia

RobecoSAM Silver Class Kangwon Land Inc Ladbrokes PLC

South Korea United Kingdom

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Sustainability Yearbook Members Gtech Spa** * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Italy

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

43%

Environmental

16%

Social

41%

As of October 31, 2014

Total score average score: 44 best score: 77 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 53

Chemicals

Driving forces The chemical industry comprises companies that develop, manufacture and distribute specialty and commodity chemicals, plastics, industrial gases and agrochemicals as well as additives for the health care and wellness industries. Innovative process and product developments remain key industry drivers. However, growing awareness of the environmental impact of chemical operations has resulted in legislative and consumer pressure, driving chemical companies to embrace more sustainable approaches. This has led the chemical industry to increasingly adopt green chemistry practices, including the implementation of strict emission controls, the use of (bio)catalysis, more efficient waste management, atom economy and the replacement of traditional solvents and hazardous reagents with renewable materials. Further, new product applications require the implementation of comprehensive product stewardship management systems that include product databases and client training.

Highlighted criteria Economic Dimension – Customer Relationship Management – Innovation Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Akzo Nobel NV*

Number of companies in universe Netherlands

RobecoSAM Silver Class Koninklijke DSM NV

Netherlands

RobecoSAM Bronze Class Clariant AG Novozymes A/S Praxair Inc

Air Products & Chemicals Inc BASF SE Braskem SA

Denmark

Dimension United States Germany Brazil United States

EI du Pont de Nemours & Co

United States

LANXESS AG

Germany

Linde AG

Germany

Solvay SA Teijin Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

54 • RobecoSAM • サステナビリティイヤーブック2015

Results at industry level Average

Best

Dimension

score

weight

Economic

36%

Environmental

32%

Social

32%

France

Ecolab Inc**

Sigma-Aldrich Corp

Market capitalization of assessed

United States

PTT Global Chemical PCL

companies to total market capitalization (%)

Dow Chemical Co

Mitsubishi Chemical Holdings Corp

Assessed companies to total companies in universe (%)

Switzerland

Sustainability Yearbook Members Air Liquide SA

128

Number of companies assessed by RobecoSAM in 2014

Japan Thailand United States Belgium Japan

Total score average score: 55 best score: 94 0 25 50 75 100

Coal & Consumable Fuels

Driving forces A major sustainability issue facing the coal industry is the global pressure to reduce CO2 emissions, which will have a significant impact on coal as it loses market share to alternative and unconventional energy sources. Both coal and uranium mining operations face environmental challenges similar to those faced by standard mining operations, including wastewater treatment and waste management. Conducting biodiversity and general environmental impact assessments of new projects is now an important minimum requirement for initiating new operations, even in remote areas. The same holds true for the early involvement of all stakeholders. Engaging with local communities, particularly on questions related to land rights and potential relocation is a prerequisite for the operators to obtain and keep their social license to operate. Social issues within the operations are centered on occupational health and safety as well as general labor conditions. Moreover, the use of private security forces to protect assets, especially in the case of uranium mining, can lead to operational and reputational risks if not managed properly. Finally, and similar to other extractive industries, the mining space is particularly susceptible to corruption, bribery, and other code of conduct breaches.

• •

Sustainability leaders 2015

Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance – Transparency Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Water Related Risks Social Dimension – Enabling Local Development – Occupational Health and Safety – Social Impacts on Communities

Industry statistics

RobecoSAM Gold Class Banpu PCL*

Highlighted criteria

Thailand

RobecoSAM Bronze Class Adaro Energy Tbk PT

Indonesia

Exxaro Resources Ltd

South Africa

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

* RobecoSAM Industry Leader As of October 31, 2014

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

23%

Environmental

36%

Social

41%

Total score average score: 37 best score: 53 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 55

Commercial Services & Supplies

Driving forces As players in a knowledge-intensive industry, providers of commercial services & supplies rely on the quality of their workforce. Therefore, talent attraction & retention is a key contributor to their business success. Clear employee policies combined with training programs, knowledge management and incentive schemes are important for creating a successful, safe and healthy working environment and maintaining a high employee retention rate. On the demand side, customer relationship management plays a crucial role as long lasting client-provider relationships are beneficial to both parties. Industry leaders maintain diversified business models that leverage internal synergies and cutting-edge technologies. As B2B service partners, they are ideally placed to spearhead sustainability innovations and promote them among their client base.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Supply Chain Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class KEPCO Plant Service & Engineering Co Ltd*

South Korea

RobecoSAM Bronze Class Herman Miller Inc

United States

Rentokil Initial PLC

United Kingdom

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Sustainability Yearbook Members Brambles Ltd**

Australia

Recall Holdings Ltd

Australia

Waste Management Inc * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

United States

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

35%

Environmental

26%

Social

39%

Total score average score: 43 best score: 71 0 25 50 75 100

56 • RobecoSAM • サステナビリティイヤーブック2015

Communications Equipment

Driving forces The rapid growth in data volume and demand for ever faster data transmission have heightened competition among manufacturers and providers of communication equipment. To remain at the forefront of the industry, constant innovation and a strong intellectual property portfolio are crucial. In addition, the exponential growth in data volume leads to substantially higher total energy consumption by the communication infrastructure. Therefore, communication equipment providers must focus on developing more energy efficient hardware by considering the environmental performance over the entire product’s life cycle. As a large share of production is outsourced to emerging economies, environmental and social standards for suppliers are also key factors. Finally, the development and use of certain technologies to monitor communication raises questions related to potential violations of the human right to freedom of expression and privacy. As a result, companies in the industry have to be transparent and must demonstrate clear standards reflecting their commitment to human rights.

•

Sustainability leaders 2015

* RobecoSAM Industry Leader As of October 31, 2014

– Innovation Management – Privacy Protection – Supply Chain Management Environmental Dimension – Environmental Reporting – Operational Eco-Efficiency – Product Stewardship Social Dimension – Digital Inclusion – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

Number of companies in universe France

Sustainability Yearbook Members Cisco Systems Inc

Economic Dimension

Industry statistics

RobecoSAM Gold Class Alcatel-Lucent*

Highlighted criteria

United States

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

40%

Environmental

31%

Social

29%

Total score average score: 49 best score: 91 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 57

Computers & Peripherals and Office Electronics

Driving forces The computers & peripherals and office electronics industry is characterized by disruptive innovations, vertical integration of the supply chain and mass production of electronic hardware. Shorter product life cycles and the ubiquity of electronic devices around the world have resulted in high disposal volumes and increased overall energy consumption by IT hardware. To address the issue of energy efficiency, companies must consider energy consumption over the entire product life cycle when designing new products. Electronic waste can be reduced through weight reductions, modular design and take-back programs. Furthermore, digitalization and centralization through cloud applications create new business opportunities, which enable customers to achieve operational efficiency gains, benefitting both cost savings and environmental footprint reduction. The effective implementation of environmental standards and monitoring of supplier compliance in areas such as the use of hazardous materials and fair working conditions in emerging economies are particularly relevant for the industry. Finally, information technology may increasingly enable carbon emissions reductions.

• •

Sustainability leaders 2015

Konica Minolta Inc

Nokia OYJ Ricoh Co Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

– Customer Relationship Management – Innovation Management – Supply Chain Management Environmental Dimension – Hazardous Substances – Operational Eco-Efficiency – Product Stewardship Social Dimension – Digital Inclusion – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

Number of companies in universe

Taiwan

Number of companies assessed by RobecoSAM in 2014

Japan

Assessed companies to total companies in universe (%)

RobecoSAM Silver Class Hewlett-Packard Co**

Economic Dimension

Industry statistics

RobecoSAM Gold Class Lite-On Technology Corp*

Highlighted criteria

Market capitalization of assessed United States

companies to total market capitalization (%)

Finland Japan

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

41%

Environmental

30%

Social

29%

As of October 31, 2014

Total score average score: 56 best score: 83 0 25 50 75 100

58 • RobecoSAM • サステナビリティイヤーブック2015

Construction & Engineering

Driving forces The construction & engineering industry includes companies involved in the construction of infrastructure, commercial and residential buildings. The construction industry consumes resources on a massive scale to create the infrastructure and built environment. Companies are increasingly challenged by issues in areas such as occupational health and safety, energy efficiency and the responsible use of resources. Resource efficiency is not limited to compliance with legal requirements, but also includes the active promotion of measures to reduce resource depletion. In a resource-constrained world, establishing a reputation as a resource-conscious company represents a competitive advantage. Given increasing infrastructure spending in emerging markets, a company’s ability to establish itself as a preferred contractor also depends on its ability to handle and avoid reputational risks associated with antitrust and bribery cases. This means that the establishment and implementation of a rigorous code of conduct will be a key success factor, particularly in emerging markets.

Highlighted criteria Economic Dimension – Antitrust Policy – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance Environmental Dimension – Building Materials – Operational Eco-Efficiency – Resource Conservation and Resource Efficiency Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Talent Attraction & Retention

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Hyundai Engineering & Construction Co Ltd*

South Korea

RobecoSAM Bronze Class ACS Actividades de Construccion y Servicios SA Daelim Industrial Co Ltd

Spain South Korea

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Doosan Heavy Industries & Construction Co Ltd** South Korea Ferrovial SA

Spain

Outotec OYJ

Finland

Samsung Engineering Co Ltd Vinci SA

South Korea

Dimension

Average

Best

Dimension

score

weight

Economic

30%

France

Sustainability Yearbook Members GS Engineering & Construction Corp

Results at industry level

Environmental

38%

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

South Korea

Social

32%

As of October 31, 2014

Total score average score: 56 best score: 89 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 59

Construction Materials

Driving forces The construction materials industry is essentially a collection of local markets, as it is rarely cost efficient to ship cement more than several hundred kilometers. As a result, local issues and factors usually determine market dynamics. From a sustainability perspective, emissions management remains a top priority, as cement production is extremely energy and emissions-intensive, and accounts for roughly 5% of global man-made greenhouse gases emissions. Occupational health and safety is another important sustainability factor as the industry grapples with a number of fatalities each year. Furthermore, growing demand for more sustainable construction materials has prompted the introduction of innovative cement grades, such as those made with a higher proportion of recycled materials, which are expected to account for an increasing share of sales volumes. Finally, because of their involvement with local communities and governments, cement companies must maintain their social license to operate by adopting the highest corporate governance, code of conduct, and environmental management standards.

Highlighted criteria Economic Dimension – Antitrust Policy – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Recycling Strategy Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Stakeholder Engagement

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Siam Cement PCL*/** Thailand

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Cementos Argos SA

Colombia

RobecoSAM Bronze Class Grupo Argos SA Holcim Ltd

Market capitalization of assessed companies to total market capitalization (%)

Colombia Switzerland

Results at industry level

Sustainability Yearbook Members Lafarge SA * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

France

Dimension

Average

Best

Dimension

score

weight

Economic

32%

Environmental

36%

Social

32%

Total score average score: 54 best score: 89 0 25 50 75 100

60 • RobecoSAM • サステナビリティイヤーブック2015

Containers & Packaging

Driving forces Amid the continued global downturn, the containers & packaging industry faces various challenges, including stagnating or declining demand in developed markets, higher material, energy and capital costs, and shifts in client and consumer demand. The markets in which these companies operate remain highly competitive, with substantial downward pressure on both prices and operating margins. Some players seek to set themselves apart through innovative products and solutions while moving into emerging markets that offer superior growth potential. The ability to offer business customers innovative products and solutions to help them achieve their own sustainability targets is becoming a key differentiator. Overall, the industry continues to be characterized by a trend towards improved energy and resource efficiency, innovative solutions and the strengthening of companies’ reputation through greater transparency and involvement.

Highlighted criteria Economic Dimension – Corporate Governance – Customer Relationship Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Occupational Health and Safety – Stakeholder Engagement – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Ball Corp*

United States

RobecoSAM Silver Class Amcor Ltd

Australia

MeadWestvaco Corp

United States

Sonoco Products Co

United States

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level

RobecoSAM Bronze Class Rexam PLC**

Number of companies in universe

United Kingdom

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Dimension

Average

Best

Dimension

score

weight

Economic

As of October 31, 2014

35%

Environmental

29%

Social

36%

Total score average score: 55 best score: 81 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 61

Diversified Consumer Services

Driving forces The diversified consumer services industry comprises service providers with a wide range of business models and activities. All companies in the industry have direct customer relationships, and must therefore develop new strategies and technologies to both retain and increase their customer base in existing and new markets. For this this reason, companies seek to strengthen their brand and reputation and minimize negative social and environmental impacts. Strong employee development programs and training are key contributors to improved customer satisfaction and sustainable business. Companies in the industry must steadily improve their operational eco-efficiency by focusing on sourcing, materials usage and energy intensity, which can contribute to improved operating cost management. Faced with rapidly changing technologies, the industry must improve its integration of online tools & platforms. Ensuring strong risk management systems, particularly related to electronic billing, privacy protection, real-time services and customer information can help companies set themselves apart from their competitors, offering further growth opportunities.

•

Sustainability leaders 2015

Japan

Sustainability Yearbook Members H&R Block Inc * RobecoSAM Industry Leader As of October 31, 2014

Economic Dimension – Brand Management – Customer Relationship Management – Privacy Protection Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

Industry statistics

RobecoSAM Gold Class Benesse Holdings Inc*

Highlighted criteria

United States

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

48%

Environmental

17%

Social

35%

Total score average score: 36 best score: 54 0 25 50 75 100

62 • RobecoSAM • サステナビリティイヤーブック2015

Diversified Financial Services and Capital Markets

Driving forces The diversified financial services and capital markets industry consists of a heterogeneous group of holding companies, credit agencies, stock exchanges, asset managers, custody banks and investment banking & brokerage companies. Companies with significant investment banking operations have been significantly impacted by growing regulatory and public scrutiny. Large fines and penalties in the wake of the credit crisis have demonstrated the critical importance of corporate governance, risk management and outstanding compliance systems to retaining public trust and avoiding the costly mistakes that have had significant financial implications. Many of the companies in this industry are focused on reducing operational and business model risk, and the entire industry has increasingly emphasized the importance of sustainability themes in order to establish a more prudent corporate culture that is more closely aligned with the interests of its clients and the public at large. Innovative product strategies that integrate sustainability considerations have been a key means of driving new growth opportunities and managing risk more effectively.

Highlighted criteria Economic Dimension – Anti-crime Policy/Measures – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management Environmental Dimension – Business Risks and Opportunities – Climate Strategy – Environmental Reporting Social Dimension – Controversial Issues, Dilemmas in Lending / Financing – Human Capital Development – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class ING Groep NV* Grupo de Inversiones Suramericana SA

Number of companies in universe Number of companies assessed by RobecoSAM in 2014

Colombia

Assessed companies to total companies in universe (%)

RobecoSAM Silver Class UBS AG

143

Netherlands

Market capitalization of assessed Switzerland

companies to total market capitalization (%)

RobecoSAM Bronze Class McGraw Hill Financial Inc**

United States

Samsung Securities Co Ltd

South Korea

Sustainability Yearbook Members Bank of New York Mellon Corp

Results at industry level Dimension

United States

Average

Best

Dimension

score

weight

Credit Suisse Group AG

Switzerland

Economic

41%

Daewoo Securities Co Ltd

South Korea

Environmental

23%

Social

36%

Daiwa Securities Group Inc

Japan

Deutsche Bank AG

Germany

Deutsche Boerse AG

Germany

Investec PLC

United Kingdom

London Stock Exchange Group PLC

United Kingdom

Mahindra & Mahindra Financial Services Ltd Morgan Stanley Nomura Holdings Inc Northern Trust Corp Provident Financial PLC State Street Corp

India United States Japan

Total score average score: 45 best score: 82 0 25 50 75 100

United States United Kingdom United States

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

サステナビリティイヤーブック2015 • RobecoSAM • 63

Electric Utilities

Driving forces The electric utility market is moving towards a major transformation caused by the de-carbonization and decentralization of power generation. Companies must deal with the integration of renewable energies into the energy mix, which requires shifting efforts from simple power generation to integrated power management. Enormous efforts are also required to develop and replace an aging grid. Moreover, infrastructure developments must factor in stakeholders’ concerns, which can delay the progress of a project. In addition, an uncertain and changing regulatory context increases the risk for the very long-term investments typical in this industry. While electric utilities need to cope with rising costs, sales of their main product have stopped growing in developed markets, and face increasing competition from decentralized generation such as solar energy. Electric utilities need to develop innovative business models that can generate new sources of load growth that fit the new political, economic and technical environment. In emerging markets, industrialization and urbanization imply a huge need for additional sustainable generation capacity.

• • •

Sustainability leaders 2015

Highlighted criteria Economic Dimension – Customer Relationship Management – Market Opportunities – Price Risk Management Environmental Dimension – Climate Strategy – Electricity Generation – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Stakeholder Engagement

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Portugal

Number of companies assessed by RobecoSAM in 2014

Enel SpA

Italy

Assessed companies to total companies in universe (%)

Terna Rete Elettrica Nazionale SpA

Italy

Market capitalization of assessed

EDP - Energias de Portugal SA*

RobecoSAM Silver Class

companies to total market capitalization (%)

Acciona SA

Spain

Cia Energetica de Minas Gerais

Brazil

Endesa SA

Spain

Iberdrola SA

Spain

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

37%

RobecoSAM Bronze Class Electricite de France** Entergy Corp

France

Environmental

33%

Spain

Social

30%

Centrais Eletricas Brasileiras SA

Brazil

Total score

CPFL Energia SA

Brazil

Red Electrica Corp SA

United States

Sustainability Yearbook Members

Exelon Corp * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

64 • RobecoSAM • サステナビリティイヤーブック2015

United States

average score: 56 best score: 88 0 25 50 75 100

Electrical Components & Equipment

Driving forces Innovation management will continue to gain strategic importance for companies in the electrical components & equipment manufacturers industry and their service providers. Companies that prioritize product research & development and reduce their time-to-market cycles will gain and retain market share. Emerging trends are providing opportunities for companies focused on automation, energy and climate. Investment in power transmission, distribution and generation capacity will continue to increase as developed markets update aging energy infrastructures. Stakeholders will require product technologies to be climate resilient and increasingly secure as components become integrated into wider networks and are exposed to sophisticated digital security threats. Meanwhile, competition in high growth markets has increased due to a proliferation of new players supported by lower production costs and access to less expensive capital. However, greater exposure to emerging markets and public projects can increase the risk of corruption. Human capital management remains important considering that customer care, technical expertise and an adequate pipeline of future products will drive growth.

• •

Sustainability leaders 2015

Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Innovation Management – Strategy for Emerging Markets Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

Industry statistics

RobecoSAM Gold Class Schneider Electric SA*

Highlighted criteria

France

RobecoSAM Bronze Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Fuji Electric Co Ltd**

Japan

Market capitalization of assessed

Legrand SA

France

companies to total market capitalization (%)

OSRAM Licht AG

Germany

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

38%

Environmental

31%

Social

31%

Economic

Total score average score: 48 best score: 81 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 65

Electronic Equipment, Instruments & Components

Driving forces A number of products from the electronic equipment industry have specific sustainability applications. Providers of control and automation solutions, for instance, can tap opportunities resulting from customers’ demand for improved energy and carbon efficiency. Safety and quality concerns also offer opportunities in the area of controls, sensors and testing. As a result, providers of electronic equipment, instruments & components can benefit from developing solutions that enable their customers to improve operating efficiency. Due to the resource-intensive production process and the relatively high energy consumption during the use of the equipment, environmental management of the companies’ own operations as well as product stewardship over the life-cycle of their products are also important issues for the industry. Given the mostly oligopolistic market structures, compliance with antitrust regulations is an important factor. Furthermore, as high-tech providers, companies in this industry rely heavily on the knowledge, qualification and training of their employees for their business success. Given the long-term nature of B2B relationships, tools to monitor the quality of client management are also essential.

• •

Sustainability leaders 2015

Delta Electronics Inc

– Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Talent Attraction & Retention

Taiwan

Assessed companies to total companies in universe (%)

Market capitalization of assessed Taiwan Japan

companies to total market capitalization (%)

Results at industry level

South Korea

Sustainability Yearbook Members

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Environmental Dimension

Hitachi Ltd**

Omron Corp

– Supply Chain Management

Number of companies assessed by RobecoSAM in 2014

Japan

LG Display Co Ltd

– Innovation Management

Number of companies in universe

FUJIFILM Holdings Corp LG Innotek Co Ltd

– Antitrust Policy

South Korea

RobecoSAM Bronze Class AU Optronics Corp

Economic Dimension

Industry statistics

RobecoSAM Gold Class Samsung Electro-Mechanics Co Ltd*

Highlighted criteria

Dimension South Korea Japan

Economic

Average

Best

Dimension

score

weight

39%

Environmental

31%

Social

30%

As of October 31, 2014

Total score average score: 49 best score: 83 0 25 50 75 100

66 • RobecoSAM • サステナビリティイヤーブック2015

Energy Equipment & Services

Driving forces In their role as service providers to the oil and gas majors, energy equipment & services companies have a measure of responsibility for their clients’ reputational risk, including branding and the public perception of exploration and production companies. They also frequently operate in remote regions or in jurisdictions that are subject to weak legal and regulatory enforcement. The energy equipment & services companies’ ability to attract and retain business is therefore connected to their adherence to environmental, health & safety and business conduct standards. Furthermore, technical innovation that addresses the variety of challenges of exploiting smaller and less accessible hydrocarbon fields offers opportunities for companies to develop a competitive advantage. At the same time, the industry continues to face human resources barriers stemming from the seniority of its employment pool, strong demand for fullytrained and qualified staff, and the challenges of retaining its staff.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Risk & Crisis Management Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Releases to the Environment Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class AMEC PLC*1

United Kingdom

RobecoSAM Bronze Class Baker Hughes Inc CGG SA** Halliburton Co Technip SA

United States France

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

United States France

Results at industry level

Sustainability Yearbook Members Bumi Armada Bhd

Malaysia

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 The inclusion in the Yearbook and the medal distinction are based on AMEC PLC’s sustainability score before its acquisition of Foster Wheeler AG.

Dimension

Average

Best

Dimension

score

weight

35%

Environmental

26%

Social

39%

Economic

As of October 31, 2014

Total score average score: 44 best score: 75 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 67

Food & Staples Retailing

Driving forces As a result of the intense competition for market share, the food & staples industry has consolidated over the past few years maintaining a high level of M&A activity. The shift toward eating at home should continue to favor those companies that have capitalized on this trend with expanded offerings of private label or store brands that carry higher margins than branded products. The health and wellness movement has developed from a niche trend to a well-developed profit driver as retailers increase their offering of healthy formulations, organic, and specialized food products aimed at meeting the needs of food intolerant customer groups. As international sourcing remains high, food retailers need to further improve the efficiency and transparency of their supply chains in order to meet the growing demand from stakeholders. The industry also includes drug retailers, and with the expiration of key drug patents, the market is set for a wave of generic drugs that will result in significant cost savings, both for retailers and consumers. The convenience of retail outlets and in-store clinics provides an ideal solution for affordable basic health care.

• • •

Sustainability leaders 2015

Australia

RobecoSAM Silver Class Koninklijke Ahold NV

Netherlands

RobecoSAM Bronze Class Japan

Casino Guichard Perrachon SA

France Finland

Metro AG

Germany

Sustainability Yearbook Members Seven & I Holdings Co Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

– Health & Nutrition – Supply Chain Management Environmental Dimension – Operational Eco-Efficiency – Packaging – Raw Material Sourcing Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed 94

Results at industry level

United Kingdom

Kesko OYJ

Delhaize Group SA

– Customer Relationship Management

companies to total market capitalization (%)

Aeon Co Ltd** J Sainsbury PLC

Economic Dimension

Industry statistics

RobecoSAM Gold Class Woolworths Ltd*

Highlighted criteria

Dimension

Average

Best

Dimension

score

weight

37%

Environmental

32%

Social

31%

Economic Belgium Japan

Total score

As of October 31, 2014 average score: 48 best score: 76 0 25 50 75 100

68 • RobecoSAM • サステナビリティイヤーブック2015

Food Products

Driving forces Growth in the food products industry will be driven by growing consumption in the emerging markets, product innovation focusing on health and wellness and rising demand for convenience food in the developed world. Health, wellness and nutrition have emerged as major growth categories and will remain in the spotlight for food manufacturers as a growing number of consumers becomes aware of the relationship between diet and health. The industry’s main challenges include rising raw material prices, which have put pressure on volumes and margins. Effective packaging and supply chain management can help reduce costs and ensure food safety, a key concern that highlights the need for quality control and transparency along the supply chain.

Highlighted criteria Economic Dimension – Health & Nutrition – Innovation Management – Supply Chain Management Environmental Dimension – Operational Eco-Efficiency – Packaging – Raw Material Sourcing Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Unilever NV*

Netherlands

RobecoSAM Silver Class Grupo Nutresa SA** Nestle SA

Colombia Switzerland

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

RobecoSAM Bronze Class Hershey Co

United States

Results at industry level

Sustainability Yearbook Members Ajinomoto Co Inc Campbell Soup Co

Japan

Dimension

United States

Average

Best

Dimension

score

weight

Colombina SA1 Colombia

Economic

40%

ConAgra Foods Inc

Environmental

29%

Social

31%

United States

Danone France General Mills Inc

United States

Hormel Foods Corp

United States

Mondelez International Inc

United States

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 This company has been evaluated outside of the regular Dow Jones Sustainability Indices assessment process As of October 31, 2014

Total score average score: 45 best score: 90 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 69

Gas Utilities

Driving forces Natural gas is the least carbon-intensive fossil fuel, while gas power stations are more flexible and less water-thirsty than coal power stations. Natural gas is therefore considered to be an effective alternative to coal, which can help reduce CO2 emissions and increase the flexibility of the power system. Moreover, the spectacular development of unconventional resources is reshaping the gas markets. Gas-fired power generation is therefore expected to increase substantially, although gas is still growing more slowly than other fuels, and gas markets are still characterized by strong regional differences. Still, supply is increasingly available, leading to infrastructure development and encouraging increased competition. Nevertheless, the gas utility business remains exposed to price volatility, geopolitical risk, potential opposition to large infrastructure projects and distribution network failures. Given the negative public image of the oil & gas industry, building stakeholder trust and increasing safety, reliability and energy efficiency of operations are a key concern for the industry.

• •

Sustainability leaders 2015

Economic Dimension – Market Opportunities – Price Risk Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Transmission & Distribution Social Dimension – Human Capital Development – Occupational Health and Safety – Stakeholder Engagement

Industry statistics

RobecoSAM Gold Class Gas Natural SDG SA*

Highlighted criteria

Spain

RobecoSAM Silver Class Enagas SA

Spain

Snam SpA

Italy

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

* RobecoSAM Industry Leader As of October 31, 2014

Results at industry level Dimension Economic

Average

Best

Dimension

score

weight

37%

Environmental

30%

Social

33%

Total score average score: 52 best score: 86 0 25 50 75 100

70 • RobecoSAM • サステナビリティイヤーブック2015

Health Care Equipment & Supplies

Driving forces The health care equipment & supplies industry develops medical products such as orthopedic implants and cardiovascular devices, as well as medical supplies and instruments that are critical to improving the quality of life for patients with chronic diseases. Product quality, safety and collaboration with stakeholders are critical to ensuring successful product commercialization and maintaining a company’s license to operate. While government budget constraints and health care reforms have affected pricing, reimbursement and utilization, efforts to broaden health care coverage in the US and emerging markets coupled with rising income levels create new growth opportunities for the industry. Sustainable companies focus on developing innovative and highly differentiated products and demonstrating their products’ clinical and economic benefits. Moreover, they adopt consistent, value and stakeholder-oriented corporate strategies and governance systems based on effective human and intellectual capital management and a transparent reporting framework.

Highlighted criteria Economic Dimension – Customer Relationship Management – Innovation Management – Product Quality and Recall Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Health Outcome Contribution – Stakeholder Engagement – Strategy to Improve Access to Drugs or Products

•

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Abbott Laboratories*

United States

Sustainability Yearbook Members

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Baxter International Inc

United States

Market capitalization of assessed

Medtronic Inc

United States

companies to total market capitalization (%)

Smith & Nephew PLC

United Kingdom

Sonova Holding AG**

Switzerland

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

48%

Environmental

10%

Social

42%

As of October 31, 2014

Total score average score: 41 best score: 83 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 71

Health Care Providers & Services

Driving forces The health care providers & services industry includes managed care insurers, distributors, hospitals and clinics that deliver care to patients. Demographic and epidemiologic trends such as aging populations and the increasing prevalence of chronic diseases are key factors affecting this industry. Exploding health care costs and the growing divide in access to health among population groups in many low and middle income countries present major societal challenges that are being tackled through health care reforms around the world. Leading companies assume an active role in the search for solutions and the creation of effective, sustainable health care systems by engaging with all relevant stakeholder groups. Companies in this industry should focus on health outcomes and quality of care, prevention and disease management, and continuous improvement in customer-oriented services and strategic alliances across traditional business boundaries. Those that can efficiently deliver high quality care will be able to benefit from current industry trends.

Highlighted criteria Economic Dimension – Customer Relationship Management – Marketing Practices – Risk & Crisis Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Partnerships Towards Sustainable Healthcare – Service to Patients – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Humana Inc*

United States

RobecoSAM Bronze Class Netcare Ltd

South Africa

Quest Diagnostics Inc

United States

UnitedHealth Group Inc

United States

Tenet Healthcare Corp * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level

Sustainability Yearbook Members Fresenius Medical Care AG & Co KGaA**

Number of companies in universe

Germany United States

Dimension

Average

Best

Dimension

score

weight

38%

Environmental

14%

Social

48%

Economic Social

Total score average score: 37 best score: 63 0 25 50 75 100

72 • RobecoSAM • サステナビリティイヤーブック2015

Homebuilding

Driving forces Growth in the homebuilding industry is largely driven by external factors such as interest rates and general economic conditions. In addition, price pressures and tighter regulations remain constant challenges. Companies must ensure that construction processes are run efficiently and in an environmentally friendly manner. This includes avoiding the use of harmful substances and the increased recycling of generated waste. As the green building market is expected to increase twofold in the coming years following increasing legislative pressure concerning energy efficiency, companies responding well to new technology developments such as low-energy, passive and plus-energy buildings are likely to remain at the forefront of the industry. Commuting time, local amenities, green space, and energy and resource conservation are all topics that need to be addressed in the early planning stages of property development. Occupational health and safety risks are high, requiring strict management practices to reduce the injury rate among employees and external contractors.

Highlighted criteria Economic Dimension – Corporate Governance – Risk & Crisis Management – Supply Chain Management Environmental Dimension – Building Materials – Operational Eco-Efficiency – Resource Conservation and Resource Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Sumitomo Forestry Co Ltd*/** Japan

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Bronze Class

Assessed companies to total companies in universe (%)

Sekisui Chemical Co Ltd

Japan

Market capitalization of assessed

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

companies to total market capitalization (%)

As of October 31, 2014

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

29%

Environmental

37%

Social

34%

Total score average score: 44 best score: 76 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 73

Hotels, Resorts & Cruise Lines

Driving forces The travel & tourism industry continues to push its sustainability agenda, enhancing product offerings and engaging more actively with stakeholders. Within the travel & tourism space, environmental preservation and an increased interest in both eco-tourism and volunteer tourism have led to new business opportunities. Hotels, resorts and cruise operators are increasing their efforts to limit their environmental impact while attracting more environmentally conscious guests and addressing their business customers’ sustainability requirements. The increased use of indicators to measure the impact of local operations and value generation are essential to identifying areas for improvement and engagement. Human rights issues linked to local employment must be addressed and the implementation of local monitoring systems is crucial. Long-term risk management systems must address economic, geopolitical and climate risks to ensure business continuity and adaptability to changing global conditions.

Highlighted criteria Economic Dimension – Customer Relationship Management – Risk & Crisis Management – Supply Chain Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Wyndham Worldwide Corp*

United States

RobecoSAM Silver Class Accor SA**

France

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed

TUI AG1 Germany

companies to total market capitalization (%)

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 The inclusion in the Yearbook and the medal distinction are based on TUI AG’s sustainability score before its acquisition of TUI Travel PLC.

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

26%

Environmental

23%

Social

51%

As of October 31, 2014

Total score average score: 49 best score: 72 0 25 50 75 100

74 • RobecoSAM • サステナビリティイヤーブック2015

Household Durables

Driving forces The household durables industry is increasingly driven by customer demand for tailored, adaptable and comfortable products. Innovation, quality & services, and branding are key differentiating factors for successful companies in this industry. In addition, leading companies actively manage safety and environmental issues throughout the product life cycle. Take-back guarantees for used products and customer-oriented services offer interesting opportunities from a business and environmental perspective. Further, companies must accommodate consumer demand for more transparent product information and labeling. Brands that can successfully integrate the shift toward sustainable consumption by offering attractive solutions may also emerge as leaders in the area of business model innovation.

Highlighted criteria Economic Dimension – Brand Management – Customer Relationship Management – Innovation Management Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Electrolux AB*/** Sweden

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Coway Co Ltd

South Korea

Market capitalization of assessed

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

companies to total market capitalization (%)

As of October 31, 2014

Results at industry level Dimension

Average

Best

Dimension

score

weight

46%

Environmental

25%

Social

29%

Economic

Total score average score: 47 best score: 79 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 75

Household Products

Driving forces Producers of nondurable household products operate in a highly competitive, multi-brand environment. Brand management is now a focus for the industry, which has been investing in improved communication. Nevertheless, companies need to continuously innovate to retain their market position and gain market share. Household products come into direct or indirect contact with the human body and end up in the natural environment, leading to concerns over product safety and demand for product improvements and reformulations. A changing regulatory environment mandating the use of ingredients and chemicals also drives innovation, ultimately setting higher quality and safety standards. Such factors, combined with restrictions on emissions, energy consumption and water use have an impact on production and operating costs. A sound strategy for engagement in emerging markets continues to be a success factor for companies that can adapt their product development and marketing strategies to the region’s specific demands while providing value-adding products on a sufficiently small scale and at affordable prices.

Highlighted criteria Economic Dimension – Customer Relationship Management – Innovation Management – Strategy for Emerging Markets Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Occupational Health and Safety

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Reckitt Benckiser Group PLC* Henkel AG & Co KGaA

Number of companies in universe

United Kingdom

Number of companies assessed by RobecoSAM in 2014

Germany

Assessed companies to total companies in universe (%)

RobecoSAM Silver Class Svenska Cellulosa AB SCA**

Market capitalization of assessed Sweden

companies to total market capitalization (%)

RobecoSAM Bronze Class LG Household & Health Care Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

South Korea

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

48%

Environmental

20%

Social

32%

As of October 31, 2014

Total score average score: 63 best score: 83 0 25 50 75 100

76 • RobecoSAM • サステナビリティイヤーブック2015

Industrial Conglomerates

Driving forces Industrial conglomerates are highly decentralized businesses that rely on attracting talented managers to run business operations and deliver the expected performance. Adopting best practices in manufacturing processes is also an important aspect of industrial conglomerates’ business strategies, especially if growth is partly driven by acquisitions. Industrial conglomerates often have opportunities to centralize some procurement functions to benefit from volume pricing for widely used raw materials. Rationalizing their supply chain also enables these companies to ensure that their suppliers comply with their own codes of business conduct. Ensuring business ethics throughout their own operations is also critical for industrial conglomerates as they typically have a global presence that includes emerging markets. Companies must therefore focus on promoting common corporate values, including policies and compliance systems to prevent corruption and illegal market practices, as a way to manage the diverse cultural background of their workforce.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Innovation Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Occupational Health and Safety – Talent Attraction & Retention

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Siemens AG*

Germany

RobecoSAM Silver Class Koninklijke Philips NV

Netherlands

Sustainability Yearbook Members 3M Co Doosan Corp General Electric Co Toshiba Corp** * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

United States South Korea

Results at industry level

United States Japan

Dimension

Average

Best

Dimension

score

weight

Economic

39%

Environmental

31%

Social

30%

Total score average score: 44 best score: 93 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 77

Insurance

Driving forces The insurance industry includes property & casualty insurance, life and health insurance, as well as reinsurance and financial products such as annuities. The sector has become increasingly attractive for investors focused on sustainability, given the relative absence of significant fines and penalties in the industry compared to other areas within finance. The industry has also demonstrated leadership in integrating sustainability considerations into its core business, as leading insurers have recognized that the consideration of long-term sustainability factors is essential to effective risk management. The strategic importance of long-term sustainability issues in the industry was a driving force behind the launch of the United Nations’ Principles for Sustainable Insurance in 2012, outlining a set of commitments for leading insurance companies to integrate sustainability at a strategic level. And indeed, the insurance industry includes some of the best and most advanced examples of companies within the financial industry that have made significant progress in integrating sustainability into their overall investment strategies.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Principles for Responsible Insurance Environmental Dimension – Business Risks and Opportunities – Environmental Policy/Management System – Risk Detection Social Dimension – Financial Inclusion – Human Capital Development – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Swiss Re AG*

Number of companies in universe Switzerland

RobecoSAM Silver Class Aegon NV

Netherlands

Allianz SE

Germany

Aviva PLC

United Kingdom

Australia

Muenchener Rueckversicherungs AG

Germany

Sompo Japan Nipponkoa Holdings Inc

Japan Switzerland

Sustainability Yearbook Members AXA SA

France

Dai-ichi Life Insurance Co Ltd

Japan

Delta Lloyd NV

United Kingdom

MS&AD Insurance Group Holdings Samsung Fire & Marine Insurance Co Ltd Samsung Life Insurance Co Ltd Standard Life PLC

Japan South Korea South Korea United Kingdom

Storebrand ASA Tokio Marine Holdings Inc * RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 This company has been evaluated outside of the regular Dow Jones Sustainability Indices assessment process As of October 31, 2014 78 • RobecoSAM • サステナビリティイヤーブック2015

Market capitalization of assessed companies to total market capitalization (%)

Dimension

Average

Best

Dimension

score

weight

35%

Environmental

26%

Social

39%

Economic

Total score

Netherlands

ERGO Versicherungsgruppe AG1 Germany Legal & General Group PLC

South Korea

Insurance Australia Group Ltd**

Zurich Insurance Group AG

Assessed companies to total companies in universe (%)

Results at industry level

RobecoSAM Bronze Class Dongbu Insurance Co Ltd

134

Number of companies assessed by RobecoSAM in 2014

Norway Japan

average score: 47 best score: 87 0 25 50 75 100

IT Services & Internet Software and Services

Driving forces The IT services industry helps companies run their businesses efficiently by enabling the outsourcing of business processes or developing and integrating software applications. Strong growth for internet services – which include digital media, online shopping, social interaction platforms and cloud computing – is driven by increasing global internet penetration and by the move towards mobile internet usage. To protect client privacy, secure information technology and a rigorously enforced code of conduct covering access to confidential data are required. Effective innovation and knowledge management are key contributors to business success. Therefore, attracting and retaining qualified staff is crucial. In addition, the increased outsourcing of IT services to lower cost countries requires exceptional quality management practices. The industry’s main environmental impacts stem from data center operations and travel. These can be addressed by substituting travel with conference calls and other collaboration tools, and investments in more efficient data centers, which ideally are operated with renewable energy. In addition, IT and internet service providers can use information technology applications to help their customers reduce their environmental impact.

• • •

Highlighted criteria Economic Dimension – Customer Relationship Management – IT Security & System Availability – Privacy Protection Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Digital Inclusion – Human Capital Development – Talent Attraction & Retention

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Wipro Ltd*/** India

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

SK C&C Co Ltd

South Korea

RobecoSAM Bronze Class

companies to total market capitalization (%)

Amadeus IT Holding SA

Spain

Fujitsu Ltd

Japan

Tata Consultancy Services Ltd

Market capitalization of assessed

Results at industry level

India

Sustainability Yearbook Members

Dimension

AtoS France Indra Sistemas SA Infosys Ltd NTT Data Corp Rackspace Hosting Inc Tech Mahindra Ltd

Best

Dimension

score

weight

Economic

51%

India

Environmental

21%

Social

28%

Japan United States India United States

Xerox Corp

United States

As of October 31, 2014

Average

Spain

Teradata Corp * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Total score average score: 43 best score: 81 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 79

Leisure Equipment & Products and Consumer Electronics

Driving forces Producers of leisure equipment and consumer electronics operate in a highly competitive and fast changing market. The industry’s key drivers include product quality, differentiation, time-to-market, and brand management. New products becoming commoditized within a short time frame lead companies to focus on innovation, particularly R&D, to maintain competitiveness. Leading companies are able to address the challenges of developing new technologies and providing ever-changing and more integrated product ranges by entering into strategic alliances and outsourcing operations. Faced with continuously growing stakeholder scrutiny, companies must pay close attention to working conditions, particularly among their suppliers and subcontractors in developing countries. In addition, integrating environmental and social considerations is necessary to avoiding economic, social and reputational risks. Environmental challenges arise throughout the product life span, requiring life cycle analysis, which includes product modularity, avoiding the use of toxic substances in manufacturing processes and products, energy efficient products and effective take-back programs for the disposal of obsolete products.

• •

Sustainability leaders 2015

South Korea

RobecoSAM Bronze Class Panasonic Corp

Japan

Sustainability Yearbook Members Sony Corp

Economic Dimension – Brand Management – Innovation Management – Supply Chain Management Environmental Dimension – Hazardous Substances – Operational Eco-Efficiency – Product Stewardship Social Dimension – Labor Practice Indicators and Human Rights – Stakeholder Engagement – Talent Attraction & Retention

Industry statistics

RobecoSAM Gold Class LG Electronics Inc*/**

Highlighted criteria

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Japan

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

Economic

41%

Environmental

30%

Social

29%

Total score average score: 47 best score: 85 0 25 50 75 100

80 • RobecoSAM • サステナビリティイヤーブック2015

Life Sciences Tools & Services

Driving forces The life science tools & services industry includes companies that develop technologies, instruments and tests that enable scientific and medical progress through research, the development of new medical products, and testing and analysis. Companies in this industry rely on government spending, academic or industry R&D budgets, and – to a certain extent – health care utilization levels, and are therefore sensitive to economic cycles. As a knowledge-intensive industry, companies depend on a skilled workforce to drive innovation, making human capital management and talent attraction & retention important success factors. Effective client relationship management strategies are also crucial to ensuring customer loyalty for established products and technologies, and facilitating the adoption of new, innovative technologies. Comprehensive supply chain management strategies that consider environmental and social factors allow companies to minimize economic, social and reputational risks connected to their supply chain.

Highlighted criteria Economic Dimension – Customer Relationship Management – Innovation Management – Risk & Crisis Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

•

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Agilent Technologies Inc* * RobecoSAM Industry Leader As of October 31, 2014

Number of companies in universe United States

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

45%

Environmental

10%

Social

45%

Total score average score: 36 best score: 58 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 81

Machinery and Electrical Equipment

Driving forces All machinery is designed to help improve customers’ productivity. Companies’ ability to innovate through product development has always been a key determinant of competitiveness, but it is becoming even more important as competition from emerging market companies intensifies. This is compounded by growing resource scarcity, which is spurring the need for improved resource efficiency, particularly energy and water efficiency. Leading companies are increasingly using life cycle analysis to drive innovation and deliver cost-savings and lower environmental impacts to their customers throughout the life cycle of the equipment. Adapting products and business models to emerging market contexts is also an important aspect of innovation strategies and a key contributor to growth in fast-developing regions. Machinery and electrical companies’ ability to innovate and successfully commercialize products depends on their ability to attract and retain talent. Upholding business ethics in their own operations as well as in their supply chain is essential to protecting their license to operate.

• •

Sustainability leaders 2015

MAN SE

– Innovation Management – Strategy for Emerging Markets – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Occupational Health and Safety – Talent Attraction & Retention

Number of companies in universe United Kingdom

RobecoSAM Bronze Class Ingersoll-Rand PLC

Economic Dimension

Industry statistics

RobecoSAM Gold Class CNH Industrial NV*

Highlighted criteria

United States Germany

123

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Sustainability Yearbook Members ABB Ltd Alstom SA Atlas Copco AB Caterpillar Inc** Doosan Infracore Co Ltd Gamesa Corp Tecnologica SA Georg Fischer AG Komatsu Ltd

Switzerland Sweden South Korea Spain Switzerland

SKF AB

Sweden United States

Valmet Corp

Finland

Volvo AB

Sweden

Wartsila OYJ Abp

Finland

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

82 • RobecoSAM • サステナビリティイヤーブック2015

Average

Best

Dimension

score

weight

Economic

39%

Environmental

30%

Social

31%

Japan Sweden

Xylem Inc

Dimension

United States

Sandvik AB Stanley Black & Decker Inc

Results at industry level

France

United States

Total score average score: 50 best score: 87 0 25 50 75 100

Media

Driving forces The heterogeneous and highly competitive media industry is experiencing a major shift towards the digitization and electronic presentation of content. Publishing companies that embrace this shift and increase their revenue streams from online market segments will emerge as industry leaders. The use of new technologies, coupled with innovative thinking, content and channel management are important to tapping new markets and creating new business opportunities. Companies that consistently invest in retaining a talented, creative and motivated workforce while producing and continuously replenishing unique, valuable content or services have led the industry. Rising literacy rates in developing countries offer the media industry a huge market with strong growth potential over the coming years. Social factors such as anti-discrimination policies for the workforce and cultural sensitivity toward clients and communities remain at the center of public attention and scrutiny. Given media companies’ power to shape public opinion, accountability and transparency are also important factors.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Independence of Content – Online Risks and Opportunities Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Human Capital Development – Responsibility of Content – Talent Attraction & Retention

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Telenet Group Holding NV*

Belgium

RobecoSAM Bronze Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

British Sky Broadcasting Group PLC

United Kingdom

Market capitalization of assessed

Pearson PLC

United Kingdom

companies to total market capitalization (%)

Wolters Kluwer NV

Results at industry level

Sustainability Yearbook Members Cheil Worldwide Inc ITV PLC Liberty Global PLC** Modern Times Group AB Reed Elsevier PLC Societe Television Francaise 1 WPP PLC * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Netherlands South Korea United Kingdom

Dimension

Average

Best

Dimension

score

weight

Economic

45%

Environmental

15%

Social

40%

United States Sweden United Kingdom France United Kingdom Total score average score: 40

best score: 84 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 83

Metals & Mining

Driving forces Two key challenges confronting the metals & mining industry are the management of environmental impacts and local stakeholder engagement. Environmental issues include mineral waste management and the management of key inputs such as energy and water. Local stakeholder issues center on land rights, physical and economic resettlement during mine development, securing operating assets, and the impact of environmental performance on local communities. The industry also faces other social challenges in terms of the health and safety of its workforce, and the provision of labor terms and conditions. Furthermore, and similar to other extractive industries, the mining space is particularly susceptible to corruption, bribery, and other breaches of ethical conduct. In many cases, trends towards less accessible geographical areas, deeper extraction and declining ore grades are likely to exacerbate many of the environmental and social issues facing the mining & metals industry going forward.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance – Transparency Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Water Related Risks Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Social Impacts on Communities

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Barrick Gold Corp* Anglo American PLC

Number of companies in universe

Canada

Number of companies assessed by RobecoSAM in 2014

United Kingdom

Assessed companies to total companies in universe (%)

RobecoSAM Silver Class Gold Fields Ltd Newmont Mining Corp Rio Tinto PLC Teck Resources Ltd

Market capitalization of assessed South Africa United Kingdom

Kinross Gold Corp

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

23%

Environmental

36%

Social

41%

Australia Canada

Sustainability Yearbook Members AngloGold Ashanti Ltd

Canada

RobecoSAM Bronze Class BHP Billiton Ltd

companies to total market capitalization (%)

United States

South Africa

HudBay Minerals Inc** Canada * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Total score average score: 46 best score: 85 0 25 50 75 100

84 • RobecoSAM • サステナビリティイヤーブック2015

Multi and Water Utilities

Driving forces The electric utility market is moving towards a major transformation driver by the de-carbonization and decentralization of power generation. Enormous efforts are also required to develop and replace an aging grid. Electrical utilities need to introduce innovative business models that can generate new sources of load growth that fit the new political, economic and technical environment. The spectacular development of unconventional resources is reshaping the gas markets. In addition, natural gas is considered to be an effective alternative to coal that can contribute to reducing CO2 emissions. However, the gas utility business remains exposed to price volatility, geopolitical risk, potential opposition to large infrastructure projects and distribution network failures.

Highlighted criteria Economic Dimension – Customer Relationship Management – Market Opportunities – Water Operations Environmental Dimension – Climate Strategy – Electricity Generation – Transmission & Distribution Social Dimension

Growing water shortages and deteriorating water quality are key challenges for water utilities. Aging distribution and collection networks pose additional problems in developed markets. Leading companies perform active resource management, reduce water losses during distribution, and foster demandside efficiency. As pricing strategies come under greater scrutiny, companies opt for increasingly innovative tariff structures. In emerging markets, consumption and rapid infrastructure expansion drive market growth, but the recognition of access to water and sanitation as a basic human right also underscores the importance of stakeholder engagement.

• •

Sustainability leaders 2015

United Kingdom

RobecoSAM Bronze Class AGL Energy Ltd

Australia

EPM1 Colombia RWE AG Sempra Energy

– Stakeholder Engagement

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Germany United States

Suez Environnement Co * RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 This company has been evaluated outside of the regular Dow Jones Sustainability Indices assessment process As of October 31, 2014

– Occupational Health and Safety

Industry statistics

RobecoSAM Gold Class United Utilities Group PLC*/**

– Human Capital Development

Results at industry level

France Dimension

Average

Best

Dimension

score

weight

Economic

37%

Environmental

33%

Social

30%

Total score average score: 53 best score: 84 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 85

Oil & Gas

Driving forces The extent to which oil & gas companies can convert the cash-flow from their current operations into future value creation rests on their ability to both replace reserves and open up new opportunities. The challenge for the industry is how to best access smaller reserves with complex geology, often deploying unconventional technology, with upward pressure on the costs of oil services and manpower, and a growing dependence on countries with high political risks. In this context, strong environmental, health and safety performance coupled with progressive management of social issues are important aspects of long-term profitability for oil & gas companies. As new reserves are discovered in countries with weaker governance, management of ethical conduct as well as engagement with local communities has gained greater importance in sustainable risk management. On the demand side of the industry, the need to implement active corporate strategies that take into account the transition to lower carbon economies is becoming apparent.

Highlighted criteria Economic Dimension – Exploration & Production – Gas Portfolio – Risk & Crisis Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Releases to the Environment Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Social Impacts on Communities

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Thai Oil PCL*

Thailand

RobecoSAM Bronze Class BG Group PLC

United Kingdom

IRPC PCL**

Thailand

Neste Oil OYJ

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Spain

S-Oil Corp

South Korea

Sustainability Yearbook Members

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

41%

Environmental

28%

Social

31%

Bangchak Petroleum PCL1 Thailand Cenovus Energy Inc

Canada

Ecopetrol SA

Colombia

Eni SpA

Italy

Galp Energia SGPS SA

Portugal

MOL Hungarian Oil & Gas PLC

Hungary

Petroleo Brasileiro SA

Thailand

PTT PCL

Thailand Netherlands

Statoil ASA

Norway

Suncor Energy Inc

Canada

Total SA Woodside Petroleum Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 This company has been evaluated outside of the regular Dow Jones Sustainability Indices assessment process

86 • RobecoSAM • サステナビリティイヤーブック2015

Total score

Brazil

PTT Exploration & Production PCL

As of October 31, 2014

Finland

Repsol SA

Royal Dutch Shell PLC

135

Number of companies assessed by RobecoSAM in 2014

France Australia

average score: 49 best score: 87 0 25 50 75 100

Oil & Gas Storage & Transportation

Driving forces Growing demand for transportation of energy from increasingly remote areas to demand-intensive urbanized centers is a key growth and profitability driver. At the same time, longer and more complex supply chains pose a number of challenges, in addition to putting upward pressure on costs. In emerging markets, managing physical and economic resettlement has become a significant factor in the planning and development of new infrastructure. Securing pipeline and storage systems is also vital, particularly in politically sensitive regions. Even in more stable areas, effective stakeholder engagement remains a critical part of maintaining operating licenses. Meanwhile, growth in liquefied natural gas (LNG) seaborne trade has created a more flexible international energy transport system with its own set of environmental and social concerns. In all these areas, the twin demands of maximizing capacity utilization and minimizing environmental costs require companies to adopt effective management systems supported by modern risk and crisis management systems.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Diversification – Risk & Crisis Management Environmental Dimension – Biodiversity – Operational Eco-Efficiency – Releases to the Environment Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Social Impacts on Communities

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Spectra Energy Corp*

United States

RobecoSAM Silver Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Compañia Logística de Hidrocarburos CLH SA Spain

Market capitalization of assessed

RobecoSAM Bronze Class

companies to total market capitalization (%)

Enbridge Inc

Canada

TransCanada Corp

Canada

* RobecoSAM Industry Leader 1 This company has been evaluated outside of the regular Dow Jones Sustainability Indices assessment process As of October 31, 2014

Results at industry level Dimension

Average

Best

Dimension

score

weight

34%

Environmental

28%

Social

38%

Economic

Total score average score: 51 best score: 75 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 87

Paper & Forest Products

Driving forces One of the main challenges for the paper & forest products industry is the responsible management of forests and plantations and the responsible sourcing of wood fibers. Certification and chain of custody systems play an important role in gaining customers’ trust and loyalty. As paper becomes an increasingly customized product fulfilling client-specific needs, product innovation and customer focus will move up the corporate agenda, as will the companies’ ability to diversify or reinvent their business models to adapt to new market characteristics. As a result, talent attraction & retention and human capital development remain a key source of competitive advantage. Technologywise, room for improvement in resource efficiency remains, and companies that can introduce new technologies such as enzyme-based processes will secure a competitive advantage. Furthermore, companies’ ability to effectively engage with local stakeholders is and will continue to be critical to maintaining their social license to operate, especially in emerging markets.

• •

Sustainability leaders 2015

Fibria Celulose SA

Stora Enso OYJ

– Corporate Governance – Customer Relationship Management – Supply Chain Management Environmental Dimension – Product Stewardship – Sustainable Fibre and Pulp Sourcing – Sustainable Management of Forests Social Dimension – Human Capital Development – Stakeholder Engagement – Talent Attraction & Retention

Number of companies in universe

Finland

Number of companies assessed by RobecoSAM in 2014

Brazil

Assessed companies to total companies in universe (%)

RobecoSAM Bronze Class Duratex SA**

Economic Dimension

Industry statistics

RobecoSAM Gold Class UPM-Kymmene OYJ*

Highlighted criteria

Market capitalization of assessed Brazil

companies to total market capitalization (%)

Finland

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

Economic

27%

Environmental

38%

Social

35%

Total score average score: 71 best score: 89 0 25 50 75 100

88 • RobecoSAM • サステナビリティイヤーブック2015

Personal Products

Driving forces Personal products companies operate in a highly competitive, multi-brand environment. Brand management and marketing expenses are now a focus for the industry, with renewed investments in improved communication capabilities. Nevertheless, companies need to continuously innovate to retain market positioning and gain market share. Recurring concerns over product safety and a growing demand for advanced products lead companies to develop improved and reformulated versions. This, combined with a changing regulatory environment mandating the use of ingredients and chemicals, drives innovation, ultimately setting higher quality and safety standards. Such factors, as well as restrictions on emissions, energy consumption and water use, have an impact on production and operating costs. Emerging markets continue to offer growth opportunities: successful companies steadily develop their understanding of local consumers by implanting R&D centers in those regions, adapting their products to local needs and tastes, and establishing a flexible pricing strategy.

• •

Highlighted criteria Economic Dimension – Brand Management – Customer Relationship Management – Innovation Management Environmental Dimension – Operational Eco-Efficiency – Packaging – Product Stewardship Social Dimension – Human Capital Development – Occupational Health and Safety – Talent Attraction & Retention

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Kao Corp*/** Japan

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Amorepacific Corp

South Korea

Market capitalization of assessed

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

companies to total market capitalization (%)

As of October 31, 2014

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

48%

Environmental

20%

Social

32%

Total score average score: 52 best score: 83 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 89

Pharmaceuticals

Driving forces The pharmaceutical industry relies on innovation for the continuous development of novel drugs. Following patent expirations for blockbuster products, many companies have been losing revenues to competition from generics. However, after years of falling productivity, industry leaders have recently shown signs of increasing R&D efficiency and innovative new product developments. In addition, payers are increasingly evaluating the clinical efficacy, comparative effectiveness and cost benefits of pharmaceutical products to determine pricing and reimbursement, and resource-constrained governments are seeking to slow the rise in health care costs by putting pressure on drug prices. To remain competitive, pharmaceutical companies must attract and retain the best talent, and employ effective innovation management to develop solutions for unmet medical needs. Finally, legal and safety issues have caused significant reputational and financial damage to many companies and those that maintain the highest standards for business ethics and quality have a clear advantage in the long run.

• • •

Sustainability leaders 2015

Switzerland

RobecoSAM Silver Class GlaxoSmithKline PLC** Novo Nordisk A/S

Economic Dimension – Innovation Management – Marketing Practices – Product Quality and Recall Management Environmental Dimension – Climate Strategy – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Addressing Cost Burden – Health Outcome Contribution – Talent Attraction & Retention

Industry statistics

RobecoSAM Gold Class Roche Holding AG*

Highlighted criteria

United Kingdom Denmark

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

RobecoSAM Bronze Class AbbVie Inc AstraZeneca PLC Bayer AG

United States

Results at industry level

United Kingdom Germany

Dimension

Sanofi France Sustainability Yearbook Members

Economic

Average

Best

Dimension

score

weight

45%

Allergan Inc

United States

Environmental

10%

Bristol-Myers Squibb Co

United States

Social

45%

Johnson & Johnson

United States

Novartis AG * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Switzerland

Total score average score: 47 best score: 87 0 25 50 75 100

90 • RobecoSAM • サステナビリティイヤーブック2015

Professional Services

Driving forces Professional services companies provide other companies with a range of business support services in the areas of staffing, consumer credit rating, research & analytics, as well as the testing, inspection and certification of manufacturing or other business processes. As providers of specialized services, these are knowledge-intensive companies whose success depends on the quality of their workforce. Therefore, talent attraction & retention are particularly important to professional services companies. A reputation for integrity is also critical to retaining customers and winning new business. Therefore, companies must ensure that employees comply with their codes of conduct and that their services are delivered according to high ethical standards. In an environment characterized by increased labor flexibility and a greater focus on product quality, both staffing and testing companies are poised to see the growth of their industry accelerate.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Supply Chain Management Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

SGS SA*/** Switzerland

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Adecco SA Experian PLC

Switzerland United Kingdom

Market capitalization of assessed companies to total market capitalization (%)

RobecoSAM Bronze Class IHS Inc * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

United States

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

41%

Environmental

19%

Social

40%

As of October 31, 2014

Total score average score: 46 best score: 73 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 91

Real Estate

Driving forces Real estate is a heterogeneous industry comprising developers and maintenance professionals as well as residential and commercial property managers and investors. Climate change and energy efficiency are of great importance for this industry as buildings are responsible for about one third of global greenhouse gas emissions. Additionally, low-energy buildings that use innovative materials reduce the impact of volatile energy prices on the cost of management and ownership of a property. This results in high demand for residential, commercial and industrial green buildings. In addition to environmental issues, social responsibility and social integration are gaining importance in this industry. In the current volatile economic environment, community engagement and investments in areas surrounding properties are receiving increased attention to maintain asset values high and remain the preferred proprietor for tenants.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Risk & Crisis Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Resource Conservation and Resource Efficiency Social Dimension – Occupational Health and Safety – Social Integration – Stakeholder Engagement

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class GPT Group*

Number of companies in universe Australia

203

Number of companies assessed by RobecoSAM in 2014 112

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Stockland Australia

Market capitalization of assessed

RobecoSAM Bronze Class

companies to total market capitalization (%)

British Land Co PLC CapitaLand Ltd

55 77

United Kingdom Singapore

Results at industry level

Klepierre France Sustainability Yearbook Members CFS Retail Property Trust Group Corio NV

Dimension Netherlands

Dexus Property Group

Australia

Fonciere Des Regions

France

Gecina SA

France

Hammerson PLC

United Kingdom

Intu Properties PLC

United Kingdom

Keppel Land Ltd Land Securities Group PLC Lend Lease Group Link REIT Mirvac Group Shaftesbury PLC Tokyu Fudosan Holdings Corp Unibail-Rodamco SE

Best

Dimension

score

weight

Economic

25%

Environmental

39%

Social

36%

Singapore

Total score average score: 44

United Kingdom

best score: 88

Australia Hong Kong

0 25 50 75 100

Australia United Kingdom Japan France

Wereldhave NV**

Netherlands

Weyerhaeuser Co

United States

92 • RobecoSAM • サステナビリティイヤーブック2015

Average

Australia

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

Restaurants & Leisure Facilities

Driving forces The restaurant and leisure space has been plagued by supply chain issues over the past year. Problems with food safety in China, false labeling in Europe and other procurement issues have raised questions about accountability and transparency in the supply chain. Issues surrounding animal welfare and sourcing are increasingly gaining public attention as global supply chains expand. Labor issues relating to fair wages and working conditions are drawing increased attention from regulators in both developed and emerging markets, putting pressure on existing franchising, licensing and accountability systems. A challenging business environment in developed markets resulting from increasing health-consciousness among consumers will force companies to innovate their product and service offerings. Environmental challenges such as energy and water consumption need to be tackled globally, and data across both company-owned and franchised locations must be consolidated so that companies can effectively implement their global sustainability programs.

Highlighted criteria Economic Dimension – Customer Relationship Management – Food Safety – Supply Chain Management Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Healthy Living – Labor Practice Indicators and Human Rights – Local Impact of Business Operations

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Sodexo* France

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Bronze Class

Assessed companies to total companies in universe (%)

Compass Group PLC

United Kingdom

Sustainability Yearbook Members

Market capitalization of assessed companies to total market capitalization (%)

Tim Hortons Inc**1 Canada * RobecoSAM Industry Leader ** RobecoSAM Industry Mover 1 In 2014, Tim Hortons Inc and Burger King Worldwide Inc merged to form the new entity Restaurant Brands International Inc

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

36%

Environmental

19%

Social

45%

As of October 31, 2014

Total score average score: 43 best score: 78 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 93

Retailing

Driving forces The retailing industry continues its shift toward multinational conglomerates with global supply and distribution networks, contributing to improved inventory management and marketing plans. This, combined with brand management, is currently an area of focus for the industry. In order to gain market share, successful retailers will need to continue to develop new strategies and technologies to retain and analyze customers’ purchasing habits, as well as implement more responsive and tailored customer relationship management systems. Distribution channels such as e-commerce, home delivery services and pick-up systems are gaining importance. Faced with continuous stakeholder scrutiny, companies need to address the efficiency and safety of their supply chain management, distribution systems and the use and disposal of packaging. Responsible sourcing has also gained significance among consumers and retailers must establish long-term relationships with suppliers and provide for enhanced transparency on their supply chain management systems in order to minimize reputational risks.

Highlighted criteria Economic Dimension – Customer Relationship Management – Strategy for Emerging Markets – Supply Chain Management Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Packaging Social Dimension – Corporate Citizenship and Philanthropy – Labor Practice Indicators and Human Rights – Stakeholder Engagement

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Lotte Shopping Co Ltd*

Number of companies in universe South Korea

RobecoSAM Bronze Class Inditex SA

Spain

Sustainability Yearbook Members Hennes & Mauritz AB**

123

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Sweden

Home Retail Group PLC

United Kingdom

Kingfisher PLC

United Kingdom

Marks & Spencer Group PLC

United Kingdom

Results at industry level Average

Best

Dimension

score

weight

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Economic

47%

Environmental

24%

As of October 31, 2014

Social

29%

Woolworths Holdings Ltd

Dimension

South Africa

Total score average score: 36 best score: 88 0 25 50 75 100

94 • RobecoSAM • サステナビリティイヤーブック2015

Semiconductors & Semiconductor Equipment

Driving forces In order to keep pace with Moore’s Law, which assumes that the number of integrated circuits doubles approximately every two years, continuous innovation is necessary. To ensure their long-term capacity to innovate, semiconductor companies must properly manage innovation processes and attract and retain a skilled workforce. High-quality research and development are important success factors as shrinkage, migration to new materials and the introduction of more efficient production processes are the dominant trends. Other challenges include energy efficient production processes and low energy consumption chips and processors. Quality, performance and reliability must be monitored throughout the entire value chain. The semiconductor industry must also address the environmental impacts of its own operations by reducing the use of chemicals and hazardous substances, generating less waste, enhancing the energy efficiency of ultra-clean spaces, and by reducing consumption of ultra-pure water. Considering the long lead time of capacity extensions, the semiconductor industry’s extreme cyclicality is forcing companies to pay close attention to strategic planning and business cycle management.

• • •

Sustainability leaders 2015

Taiwan Semiconductor Manufacturing Co Ltd*

Taiwan

RobecoSAM Silver Class Taiwan

RobecoSAM Bronze Class SK Hynix Inc

ASML Holding NV Infineon Technologies AG Intel Corp Samsung Electronics Co Ltd STMicroelectronics NV * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

– Innovation Management – Product Quality and Recall Management – Supply Chain Management Environmental Dimension – Climate Strategy – Operational Eco-Efficiency – Product Stewardship Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

South Korea

Results at industry level

Sustainability Yearbook Members ARM Holdings PLC**

Economic Dimension

Industry statistics

RobecoSAM Gold Class

United Microelectronics Corp

Highlighted criteria

United Kingdom Netherlands

Dimension

Average

Best

Dimension

score

weight

Economic

40%

Environmental

35%

Social

25%

Germany United States South Korea Italy

Total score

As of October 31, 2014 average score: 52 best score: 88 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 95

Software

Driving forces Constant innovation is at the core of the software industry. Open innovation such as M&A or collaboration with external developers is an important catalyst for developing new products. In addition, innovation is closely linked to human capital, which is why effective human resource management is vital to attracting and retaining qualified staff. Because software can help create more efficient business processes and optimizes hardware utilization, enabling clients to improve their own eco-efficiency presents a long-term competitive advantage for software companies. Furthermore, companies must ensure data security, as a growing amount of confidential data is processed and stored in remote data centers and as governments show an interest in accessing customer/user data. Given the exponential growth of data volume, data center efficiency is becoming an important issue, particularly for companies that provide “software as a service.”

Highlighted criteria Economic Dimension – Innovation Management – IT Security & System Availability – Privacy Protection Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

•

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class SAP AG*

Germany

Sustainability Yearbook Members

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Autodesk Inc**

United States

Market capitalization of assessed

CA Inc

United States

companies to total market capitalization (%)

Microsoft Corp

United States

Symantec Corp

United States

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level Dimension

Average

Best

Dimension

score

weight

Economic

51%

Environmental

21%

Social

28%

As of October 31, 2014

Total score average score: 40 best score: 80 0 25 50 75 100

96 • RobecoSAM • サステナビリティイヤーブック2015

Steel

Driving forces Despite high recycling rates, steady growth in demand for steel cannot be met solely by recycling end-of-life material, thus requiring the conversion of iron ore into steel. One of the most entrenched challenges faced by the steel industry is in reducing the greenhouse gas emissions coming from blast furnaces and convertors, as well as increasing the energy intensity of electric arc furnaces. While the pursuit of greater operational efficiency is an important driver of incremental improvement, longer term progress relies more on the successful deployment of breakthrough technologies. Effective operating practice in the steel industry also includes addressing a variety of on-site environmental and social impacts. Minimizing environmental costs requires companies to adopt state-of-the-art systems to reduce airborne emissions, dust, and noise. Preserving the well-being of employees and avoiding the disruption of operations requires the implementation of effective safety management systems.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Corporate Governance – Supply Chain Management Environmental Dimension – Climate Strategy – Environmental Policy/Management System – Operational Eco-Efficiency Social Dimension – Enabling Local Development – Occupational Health and Safety – Social Impacts on Communities

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class POSCO*/**

South Korea

RobecoSAM Bronze Class China Steel Corp

Taiwan

Sustainability Yearbook Members

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

APERAM Luxembourg ArcelorMittal Luxembourg Hyundai Steel Co Outokumpu OYJ

Results at industry level

South Korea Average

Best

Dimension

score

weight

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Economic

26%

Environmental

34%

As of October 31, 2014

Social

40%

Tata Steel Ltd

Finland

Dimension

India

Total score average score: 45 best score: 85 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 97

Telecommunication Services

Driving forces The telecommunication services industry operates in a highly competitive environment characterized by decreasing income from voice services and increasing value from data services. In developed markets, the ability to offer integrated services (mobile, fixed-line voice, broadband and TV) and high data speed are crucial for future growth. The industry has a large and indirect impact on the productivity and competitiveness of entire economies, and can significantly improve work habits and lifestyles. Further, telecommunications firms can leverage their technological expertise to produce innovative solutions that address social and environmental sustainability issues faced by consumers on both local and global scales. Consumers, businesses and governments increasingly require uninterrupted high-quality, high-speed connections and higher traffic allowances. In order to remain competitive in a market subject to rapid technological change, companies will need to adopt flexible business models that enable them to integrate new generation technologies and services. The careful handling of data is essential, as insufficient database and network protection could expose companies to reputational and liability risks. Energy efficiency and state-of-the-art infrastructure remain the industry’s key environmental challenges.

• • •

Sustainability leaders 2015

KT Corp

SK Telecom Co Ltd

Chunghwa Telecom Co Ltd Deutsche Telekom AG

– Customer Relationship Management – Privacy Protection Environmental Dimension – Climate Strategy – Electro Magnetic Fields – Operational Eco-Efficiency Social Dimension – Digital Inclusion – Human Capital Development – Impact of Telecommunication Services

Number of companies in universe

102

Number of companies assessed by RobecoSAM in 2014

South Korea

Assessed companies to total companies in universe (%)

Market capitalization of assessed Portugal

companies to total market capitalization (%)

South Korea

Results at industry level

RobecoSAM Bronze Class BT Group PLC

– Brand Management

Italy

RobecoSAM Silver Class Portugal Telecom SGPS SA

Economic Dimension

Industry statistics

RobecoSAM Gold Class Telecom Italia SpA*

Highlighted criteria

United Kingdom Taiwan

Dimension

Germany

Average

Best

Dimension

score

weight

44%

Koninklijke KPN NV

Netherlands

Economic

Swisscom AG

Switzerland

Environmental

21%

TELUS Corp**

Canada

Social

35%

Sustainability Yearbook Members China Mobile Ltd

China

Orange SA

France

Sprint Corp

United States

Telefonica SA Vodafone Group PLC * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

98 • RobecoSAM • サステナビリティイヤーブック2015

Spain United Kingdom

Total score average score: 57 best score: 91 0 25 50 75 100

Textiles, Apparel & Luxury Goods

Driving forces The textiles, apparel & luxury goods industry needs to adapt to slower growth markets. As a result, companies must leverage their strong brand recognition and high level of innovation to expand into new markets and categories. With fast fashion and shorter product cycles, not only do companies require innovative marketing strategies, but also responsible sourcing models. Faced with intense stakeholder scrutiny, particularly regarding health and safety in the supply chain, companies must increase transparency on the efficiency, safety, and working conditions across all levels of their operations. In response to more demanding consumers, companies must integrate environmental considerations into product design and development, and must therefore engage contractors and suppliers on sustainability issues, actively monitor labor practices, and disclose the results of these activities to ensure fair working conditions and protect their reputation and ultimately, their brand and enterprise value.

Highlighted criteria Economic Dimension – Brand Management – Innovation Management – Supply Chain Management Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Product Stewardship Social Dimension – Labor Practice Indicators and Human Rights – Occupational Health and Safety – Stakeholder Engagement

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class

Number of companies in universe

Kering* France

Number of companies assessed by RobecoSAM in 2014

RobecoSAM Silver Class

Assessed companies to total companies in universe (%)

Gildan Activewear Inc

Canada

RobecoSAM Bronze Class Puma SE

companies to total market capitalization (%)

Burberry Group PLC Hugo Boss AG** Woongjin Chemical Co Ltd * RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Germany

Results at industry level

Sustainability Yearbook Members Adidas AG

Market capitalization of assessed

Germany United Kingdom

Dimension

Average

Best

Dimension

score

weight

38%

Environmental

21%

Social

41%

Germany South Korea

Economic

As of October 31, 2014

Total score average score: 47 best score: 78 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 99

Tobacco

Driving forces The tobacco industry is mature and global cigarette sales volumes are stable. However, tobacco companies enjoy a unique position among consumer companies in that they have strong pricing power. The industry’s relationship with the public sector is of fundamental importance with regard to tax policies, regulations and efforts to combat cigarette smuggling. The industry is constantly scrutinized by legislators, the media and NGOs, which requires well-managed companies and supply chains as well as a high degree of transparency. Following new legislation regulating smoking, it will also be increasingly important for tobacco companies to partly move away from traditional tobacco products and explore innovative options in the area of non-combustible tobacco, such as snus, and non-tobacco nicotine products, both of which claim to have a lower health impact.

Highlighted criteria Economic Dimension – Brand Management – Codes of Conduct/Compliance/ Corruption & Bribery – Combatting Smuggling Environmental Dimension – Environmental Policy/Management System – Operational Eco-Efficiency – Raw Material Sourcing Social Dimension – Corporate Citizenship and Philanthropy – Occupational Health and Safety – Responsible Marketing Policies

• •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class British American Tobacco PLC*

United Kingdom

RobecoSAM Bronze Class

Number of companies in universe

Number of companies assessed by RobecoSAM in 2014

Assessed companies to total companies in universe (%)

Altria Group Inc

United States

Market capitalization of assessed

Reynolds American Inc**

United States

companies to total market capitalization (%)

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Results at industry level

As of October 31, 2014

Dimension

Average

Best

Dimension

score

weight

Economic

41%

Environmental

23%

Social

36%

Total score average score: 63 best score: 89 0 25 50 75 100

100 • RobecoSAM • サステナビリティイヤーブック2015

Trading Companies & Distributors

Driving forces As players in a diversified and knowledge-intensive industry, trading companies & distributors rely on the quality of their workforce. Therefore, talent attraction & retention is a key contributor to their business success. Clear employee policies combined with training programs, knowledge management and incentive schemes are important for creating a successful, safe and healthy working environment and maintaining a high employee retention rate. Trading companies that acquire stakes in or operate large-scale projects such as exploration activities have a higher exposure to environmental and human rights issues stemming from both their operations and their suppliers. Some subsidiaries can be more exposed to reputational risks, which can subsequently have an impact on the parent company. Companies in this industry should control these risks by integrating environmental and social impact assessments into their investment and supply chain decisions and by providing transparent reporting about such engagements.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Supply Chain Management Environmental Dimension – Environmental Policy/Management System – Environmental Reporting – Operational Eco-Efficiency Social Dimension – Human Capital Development – Labor Practice Indicators and Human Rights – Talent Attraction & Retention

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Marubeni Corp*

Japan

RobecoSAM Silver Class ITOCHU Corp**

Japan

RobecoSAM Bronze Class Samsung C&T Corp

Assessed companies to total companies in universe (%)

Market capitalization of assessed companies to total market capitalization (%)

Results at industry level

Mitsui & Co Ltd

Japan

Sumitomo Corp

Japan

As of October 31, 2014

Number of companies assessed by RobecoSAM in 2014

South Korea

Sustainability Yearbook Members

* RobecoSAM Industry Leader ** RobecoSAM Industry Mover

Number of companies in universe

Dimension

Average

Best

Dimension

score

weight

Economic

43%

Environmental

19%

Social

38%

Total score average score: 48 best score: 82 0 25 50 75 100

サステナビリティイヤーブック2015 • RobecoSAM • 101

Transportation and Transportation Infrastructure

Driving forces The transportation industry consists of a number of sub-sectors (marine, rail, trucking, freight-forwarders, logistics and infrastructure), each with their distinct dynamics, competitive landscape and sustainability issues. While climate strategy, stakeholder and customer relationship management are critical to the companies’ success in some sub-industries, for others, legislation and government relations are more relevant. But the most important material issues across the industry are fleet management and fuel efficiency, occupational health and safety and human capital management. For transportation companies in particular, efficiency – from a cost, environmental impact and time perspective – are critical contributors to a company’s competitive advantage, which is increasingly achieved through standardization (e.g. containerization), inter-modal transport and IT-supported logistics. At the same time, marketing environmental products and services provide an opportunity to acquire new customers looking to minimize their carbon footprint.

Highlighted criteria Economic Dimension – Codes of Conduct/Compliance/ Corruption & Bribery – Customer Relationship Management – Risk & Crisis Management Environmental Dimension – Climate Strategy – Fuel Efficiency – Operational Eco-Efficiency Social Dimension – Human Capital Development – Occupational Health and Safety – Stakeholder Engagement

• • •

Sustainability leaders 2015

Industry statistics

RobecoSAM Gold Class Royal Mail PLC*

Number of companies in universe

104

United Kingdom

Number of companies assessed by RobecoSAM in 2014

Netherlands

Assessed companies to total companies in universe (%)

PostNL NV RobecoSAM Silver Class

Market capitalization of assessed

Atlantia SpA

Italy

Canadian National Railway Co

companies to total market capitalization (%)

Canada

United Parcel Service Inc

United States

Results at industry level

RobecoSAM Bronze Class Deutsche Post AG

Germany

Dimension

Average

Best

Dimension

score

weight

Economic

29%

Environmental

28%

Social

43%

Sustainability Yearbook Members Abertis Infraestructuras SA

Spain

Aeroports de Paris**

France

Auckland International Airport Ltd

New Zealand

CSX Corp

United States

Firstgroup PLC

United Kingdom

Fraport AG Frankfurt Airport Services Worldwide Mitsui OSK Lines Ltd

Japan

Nippon Yusen KK

Japan

Transurban Group * RobecoSAM Industry Leader ** RobecoSAM Industry Mover As of October 31, 2014

102 • RobecoSAM • サステナビリティイヤーブック2015

Total score

Germany

Australia

average score: 45 best score: 83 0 25 50 75 100

掲載企業の一覧

サステナビリティイヤーブック2015 • RobecoSAM • 103

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

3M Co

Industrial Conglomerates

United States

ABB Ltd

Machinery and Electrical Equipment

Switzerland

Abbott Laboratories

Health Care Equipment & Supplies

United States

AbbVie Inc

Pharmaceuticals

United States

Abertis Infraestructuras SA

Transportation and Transportation Infrastructure

Spain

102

Acciona SA

Electric Utilities

Spain

Accor SA

Hotels, Resorts & Cruise Lines

France

ACS Actividades de Construccion y Servicios SA

Construction & Engineering

Spain

Adaro Energy Tbk PT

Coal & Consumable Fuels

Indonesia

Adecco SA

Professional Services

Switzerland

Adidas AG

Textiles, Apparel & Luxury Goods

Germany

Aegon NV

Insurance

Netherlands

Aeon Co Ltd

Food & Staples Retailing

Japan

Aeroports de Paris

Transportation and Transportation Infrastructure

France

102

Agilent Technologies Inc

Life Sciences Tools & Services

United States

AGL Energy Ltd

Multi and Water Utilities

Australia

Air France-KLM

Airlines

France

Air Liquide SA

Chemicals

France

Air Products & Chemicals Inc

Chemicals

United States

Ajinomoto Co Inc

Food Products

Japan

Akzo Nobel NV

Chemicals

Netherlands

Alcatel-Lucent

Communications Equipment

France

Alcoa Inc

Aluminum

United States

Allergan Inc

Pharmaceuticals

United States

Allianz SE

Insurance

Germany

Alstom SA

Machinery and Electrical Equipment

France

Altria Group Inc

Tobacco

United States

Amadeus IT Holding SA

IT Services & Internet Software and Services

Spain

Amcor Ltd

Containers & Packaging

Australia

AMEC PLC

Energy Equipment & Services

United Kingdom

Amorepacific Corp

Personal Products

South Korea

Anglo American PLC

Metals & Mining

United Kingdom

AngloGold Ashanti Ltd

Metals & Mining

South Africa

APERAM

Steel

Luxembourg

ArcelorMittal

Steel

Luxembourg

ARM Holdings PLC

Semiconductors & Semiconductor Equipment

United Kingdom

Asahi Glass Co Ltd

Building Products

Japan

ASML Holding NV

Semiconductors & Semiconductor Equipment

Netherlands

AstraZeneca PLC

Pharmaceuticals

United Kingdom

RobecoSAM Gold Class

RobecoSAM Silver Class

104 • RobecoSAM • サステナビリティイヤーブック2015

RobecoSAM Bronze Class

100

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Atlantia SpA

Transportation and Transportation Infrastructure

Italy

Atlas Copco AB

Machinery and Electrical Equipment

Sweden

AtoS

IT Services & Internet Software and Services

France

AU Optronics Corp

Electronic Equipment, Instruments & Components

Taiwan

Auckland International Airport Ltd

Transportation and Transportation Infrastructure

New Zealand

Australia & New Zealand Banking Group Ltd

Banks

Australia

Autodesk Inc

Software

United States

Aviva PLC

Insurance

United Kingdom

AXA SA

Insurance

France

BAE Systems PLC

Aerospace & Defense

United Kingdom

Baker Hughes Inc

Energy Equipment & Services

United States

Ball Corp

Containers & Packaging

United States

Banca Monte dei Paschi di Siena SpA

Banks

Italy

102

Banco Bilbao Vizcaya Argentaria SA Banks

Spain

Banco Bradesco SA

Banks

Brazil

Banco Comercial Portugues SA

Banks

Portugal

Banco do Brasil SA

Banks

Brazil

Banco Santander SA

Banks

Spain

Bancolombia SA

Banks

Colombia

Bangchak Petroleum PCL

Oil & Gas

Thailand

Bank of Montreal

Banks

Canada

Bank of New York Mellon Corp

Diversified Financial Services and Capital Markets

United States

Bankia SA

Banks

Spain

Banpu PCL

Coal & Consumable Fuels

Thailand

Barclays PLC

Banks

United Kingdom

Barrick Gold Corp

Metals & Mining

Canada

BASF SE

Chemicals

Germany

Baxter International Inc

Health Care Equipment & Supplies

United States

Bayer AG

Pharmaceuticals

Germany

Bayerische Motoren Werke AG

Automobiles

Germany

Benesse Holdings Inc

Diversified Consumer Services

Japan

BG Group PLC

Oil & Gas

United Kingdom

BHP Billiton Ltd

Metals & Mining

Australia

Biogen Idec Inc

Biotechnology

United States

BNP Paribas SA

Banks

France

Bombardier Inc

Aerospace & Defense

Canada

Brambles Ltd

Commercial Services & Supplies

Australia

Braskem SA

Chemicals

Brazil

Bridgestone Corp

Auto Components

Japan

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

サステナビリティイヤーブック2015 • RobecoSAM • 105

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Bristol-Myers Squibb Co

Pharmaceuticals

United States

British American Tobacco PLC

Tobacco

United Kingdom

100

British Land Co PLC

Real Estate

United Kingdom

British Sky Broadcasting Group PLC

Media

United Kingdom

BT Group PLC

Telecommunication Services

United Kingdom

Bumi Armada Bhd

Energy Equipment & Services

Malaysia

Burberry Group PLC

Textiles, Apparel & Luxury Goods

United Kingdom

CA Inc

Software

United States

CaixaBank SA

Banks

Spain

Campbell Soup Co

Food Products

United States

Canadian Imperial Bank of Commerce

Banks

Canada

Canadian National Railway Co

Transportation and Transportation Infrastructure

Canada

102

CapitaLand Ltd

Real Estate

Singapore

Casino Guichard Perrachon SA

Food & Staples Retailing

France

Caterpillar Inc

Machinery and Electrical Equipment

United States

Cementos Argos SA

Construction Materials

Colombia

Cenovus Energy Inc

Oil & Gas

Canada

Centrais Eletricas Brasileiras SA

Electric Utilities

Brazil

CFS Retail Property Trust Group

Real Estate

Australia

CGG SA

Energy Equipment & Services

France

Cheil Worldwide Inc

Media

South Korea

China Mobile Ltd

Telecommunication Services

China

China Steel Corp

Steel

Taiwan

Chunghwa Telecom Co Ltd

Telecommunication Services

Taiwan

Cia Energetica de Minas Gerais

Electric Utilities

Brazil

Cie Generale des Etablissements Michelin

Auto Components

France

Cisco Systems Inc

Communications Equipment

United States

Citigroup Inc

Banks

United States

Clariant AG

Chemicals

Switzerland

CNH Industrial NV

Machinery and Electrical Equipment

United Kingdom

Coca-Cola Femsa SAB de CV

Beverages

Mexico

Coca-Cola HBC AG

Beverages

Switzerland

Colombina SA

Food Products

Colombia

Commonwealth Bank of Australia

Banks

Australia

Compañia Logística de Hidrocarburos CLH SA

Oil & Gas Storage & Transportation

Spain

Compass Group PLC

Restaurants & Leisure Facilities

United Kingdom

ConAgra Foods Inc

Food Products

United States

Corio NV

Real Estate

Netherlands

Coway Co Ltd

Household Durables

South Korea

CPFL Energia SA

Electric Utilities

Brazil

RobecoSAM Gold Class

RobecoSAM Silver Class

106 • RobecoSAM • サステナビリティイヤーブック2015

RobecoSAM Bronze Class

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Credit Suisse Group AG

Diversified Financial Services and Capital Markets

Switzerland

CSX Corp

Transportation and Transportation Infrastructure

United States

102

Daelim Industrial Co Ltd

Construction & Engineering

South Korea

Daewoo Securities Co Ltd

Diversified Financial Services and Capital Markets

South Korea

Dai-ichi Life Insurance Co Ltd

Insurance

Japan

Daiwa Securities Group Inc

Diversified Financial Services and Capital Markets

Japan

Danone

Food Products

France

Danske Bank A/S

Banks

Denmark

Delhaize Group SA

Food & Staples Retailing

Belgium

Delta Air Lines Inc

Airlines

United States

Delta Electronics Inc

Electronic Equipment, Instruments & Components

Taiwan

Delta Lloyd NV

Insurance

Netherlands

Deutsche Bank AG

Diversified Financial Services and Capital Markets

Germany

Deutsche Boerse AG

Diversified Financial Services and Capital Markets

Germany

Deutsche Post AG

Transportation and Transportation Infrastructure

Germany

102

Deutsche Telekom AG

Telecommunication Services

Germany

Dexus Property Group

Real Estate

Australia

Diageo PLC

Beverages

United Kingdom

DNB ASA

Banks

Norway

Dongbu Insurance Co Ltd

Insurance

South Korea

Doosan Corp

Industrial Conglomerates

South Korea

Doosan Heavy Industries & Construction Co Ltd

Construction & Engineering

South Korea

Doosan Infracore Co Ltd

Machinery and Electrical Equipment

South Korea

Dow Chemical Co

Chemicals

United States

Duratex SA

Paper & Forest Products

Brazil

E.Sun Financial Holding Co Ltd

Banks

Taiwan

Ecolab Inc

Chemicals

United States

Ecopetrol SA

Oil & Gas

Colombia

EDP - Energias de Portugal SA

Electric Utilities

Portugal

EI du Pont de Nemours & Co

Chemicals

United States

Electricite de France

Electric Utilities

France

Electrolux AB

Household Durables

Sweden

Embraer SA

Aerospace & Defense

Brazil

Enagas SA

Gas Utilities

Spain

Enbridge Inc

Oil & Gas Storage & Transportation

Canada

Endesa SA

Electric Utilities

Spain

Enel SpA

Electric Utilities

Italy

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

サステナビリティイヤーブック2015 • RobecoSAM • 107

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Eni SpA

Oil & Gas

Italy

Entergy Corp

Electric Utilities

United States

EPM

Multi and Water Utilities

Colombia

ERGO Versicherungsgruppe AG

Insurance

Germany

Exelon Corp

Electric Utilities

United States

Experian PLC

Professional Services

United Kingdom

Exxaro Resources Ltd

Coal & Consumable Fuels

South Africa

Ferrovial SA

Construction & Engineering

Spain

Fiat Chrysler Automobiles NV

Automobiles

United Kingdom

Fibria Celulose SA

Paper & Forest Products

Brazil

Finmeccanica SpA

Aerospace & Defense

Italy

Firstgroup PLC

Transportation and Transportation Infrastructure

United Kingdom

Fonciere Des Regions

Real Estate

France

Fraport AG Frankfurt Airport Services Worldwide

Transportation and Transportation Infrastructure

Germany

102

Fresenius Medical Care AG & Co KGaA

Health Care Providers & Services

Germany

Fuji Electric Co Ltd

Electrical Components & Equipment

Japan

FUJIFILM Holdings Corp

Electronic Equipment, Instruments & Components

Japan

Fujitsu Ltd

IT Services & Internet Software and Services

Japan

102 92

Galp Energia SGPS SA

Oil & Gas

Portugal

Gamesa Corp Tecnologica SA

Machinery and Electrical Equipment

Spain

Gas Natural SDG SA

Gas Utilities

Spain

Gecina SA

Real Estate

France

General Electric Co

Industrial Conglomerates

United States

General Mills Inc

Food Products

United States

Georg Fischer AG

Machinery and Electrical Equipment

Switzerland

Gildan Activewear Inc

Textiles, Apparel & Luxury Goods

Canada

GlaxoSmithKline PLC

Pharmaceuticals

United Kingdom

Gold Fields Ltd

Metals & Mining

South Africa

GPT Group

Real Estate

Australia

Grupo Argos SA

Construction Materials

Colombia

Grupo de Inversiones Suramericana SA

Diversified Financial Services and Capital Markets

Colombia

Grupo Nutresa SA

Food Products

Colombia

GS Engineering & Construction Corp

Construction & Engineering

South Korea

Gtech Spa

Casinos & Gaming

Italy

H&R Block Inc

Diversified Consumer Services

United States

Halliburton Co

Energy Equipment & Services

United States

Hammerson PLC

Real Estate

United Kingdom

Hankook Tire Co Ltd

Auto Components

South Korea

RobecoSAM Gold Class

RobecoSAM Silver Class

108 • RobecoSAM • サステナビリティイヤーブック2015

RobecoSAM Bronze Class

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Heineken NV

Beverages

Netherlands

Henkel AG & Co KGaA

Household Products

Germany

Hennes & Mauritz AB

Retailing

Sweden

Herman Miller Inc

Commercial Services & Supplies

United States

Hershey Co

Food Products

United States

Hewlett-Packard Co

Computers & Peripherals and Office Electronics

United States

Hitachi Ltd

Electronic Equipment, Instruments & Components

Japan

Holcim Ltd

Construction Materials

Switzerland

Home Retail Group PLC

Retailing

United Kingdom

Hormel Foods Corp

Food Products

United States

HSBC Holdings PLC

Banks

United Kingdom

HudBay Minerals Inc

Metals & Mining

Canada

Hugo Boss AG

Textiles, Apparel & Luxury Goods

Germany

Humana Inc

Health Care Providers & Services

United States

Hyundai Engineering & Construction Co Ltd

Construction & Engineering

South Korea

Hyundai Mobis

Auto Components

South Korea

Hyundai Steel Co

Steel

South Korea

Iberdrola SA

Electric Utilities

Spain

IHS Inc

Professional Services

United States

Inditex SA

Retailing

Spain

Indra Sistemas SA

IT Services & Internet Software and Services

Spain

Infineon Technologies AG

Semiconductors & Semiconductor Equipment

Germany

Infosys Ltd

IT Services & Internet Software and Services

India

ING Groep NV

Diversified Financial Services and Capital Markets

Netherlands

Ingersoll-Rand PLC

Machinery and Electrical Equipment

United States

Insurance Australia Group Ltd

Insurance

Australia

Intel Corp

Semiconductors & Semiconductor Equipment

United States

Intesa Sanpaolo SpA

Banks

Italy

Intu Properties PLC

Real Estate

United Kingdom

Investec PLC

Diversified Financial Services and Capital Markets

United Kingdom

IRPC PCL

Oil & Gas

Thailand

Itau Unibanco Holding SA

Banks

Brazil

Itausa - Investimentos Itau SA

Banks

Brazil

ITOCHU Corp

Trading Companies & Distributors

Japan

101

ITV PLC

Media

United Kingdom

J Sainsbury PLC

Food & Staples Retailing

United Kingdom

Johnson & Johnson

Pharmaceuticals

United States

Johnson Controls Inc

Auto Components

United States

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

サステナビリティイヤーブック2015 • RobecoSAM • 109

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Kangwon Land Inc

Casinos & Gaming

South Korea

Kao Corp

Personal Products

Japan

KEPCO Plant Service & Engineering Commercial Services & Supplies Co Ltd

South Korea

Keppel Land Ltd

Real Estate

Singapore

Kering

Textiles, Apparel & Luxury Goods

France

Kesko OYJ

Food & Staples Retailing

Finland

Kingfisher PLC

Retailing

United Kingdom

Kinross Gold Corp

Metals & Mining

Canada

Klepierre

Real Estate

France

Komatsu Ltd

Machinery and Electrical Equipment

Japan

Konica Minolta Inc

Computers & Peripherals and Office Electronics

Japan

Koninklijke Ahold NV

Food & Staples Retailing

Netherlands

Koninklijke DSM NV

Chemicals

Netherlands

Koninklijke KPN NV

Telecommunication Services

Netherlands

Koninklijke Philips NV

Industrial Conglomerates

Netherlands

KT Corp

Telecommunication Services

South Korea

Ladbrokes PLC

Casinos & Gaming

United Kingdom

Lafarge SA

Construction Materials

France

Land Securities Group PLC

Real Estate

United Kingdom

LANXESS AG

Chemicals

Germany

Latam Airlines Group SA

Airlines

Chile

Legal & General Group PLC

Insurance

United Kingdom

Legrand SA

Electrical Components & Equipment

France

Lend Lease Group

Real Estate

Australia

LG Display Co Ltd

Electronic Equipment, Instruments & Components

South Korea

LG Electronics Inc

Leisure Equipment & Products and Consumer Electronics

South Korea

LG Household & Health Care Ltd

Household Products

South Korea

LG Innotek Co Ltd

Electronic Equipment, Instruments & Components

South Korea

Liberty Global PLC

Media

United States

Linde AG

Chemicals

Germany

Link REIT

Real Estate

Hong Kong

Lite-On Technology Corp

Computers & Peripherals and Office Electronics

Taiwan

LIXIL Group Corp

Building Products

Japan

Lloyds Banking Group PLC

Banks

United Kingdom

Lockheed Martin Corp

Aerospace & Defense

United States

London Stock Exchange Group PLC

Diversified Financial Services and Capital Markets

United Kingdom

Lotte Shopping Co Ltd

Retailing

South Korea

Mahindra & Mahindra Financial Services Ltd

Diversified Financial Services and Capital Markets

India

RobecoSAM Gold Class

RobecoSAM Silver Class

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RobecoSAM Bronze Class

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

MAN SE

Machinery and Electrical Equipment

Germany

Marks & Spencer Group PLC

Retailing

United Kingdom

Marubeni Corp

Trading Companies & Distributors

Japan

McGraw Hill Financial Inc

Diversified Financial Services and Capital Markets

United States

MeadWestvaco Corp

Containers & Packaging

United States

Medtronic Inc

Health Care Equipment & Supplies

United States

Metro AG

Food & Staples Retailing

Germany

Microsoft Corp

Software

United States

Mirvac Group

Real Estate

Australia

Mitsubishi Chemical Holdings Corp Chemicals

Japan

Mitsui & Co Ltd

Trading Companies & Distributors

Japan

101

Mitsui OSK Lines Ltd

Transportation and Transportation Infrastructure

Japan

102

101

Modern Times Group AB

Media

Sweden

MOL Hungarian Oil & Gas PLC

Oil & Gas

Hungary

Molson Coors Brewing Co

Beverages

United States

Mondelez International Inc

Food Products

United States

Morgan Stanley

Diversified Financial Services and Capital Markets

United States

MS&AD Insurance Group Holdings

Insurance

Japan

Muenchener Rueckversicherungs AG

Insurance

Germany

National Australia Bank Ltd

Banks

Australia

Nedbank Group Ltd

Banks

South Africa

Neste Oil OYJ

Oil & Gas

Finland

Nestle SA

Food Products

Switzerland

Netcare Ltd

Health Care Providers & Services

South Africa

Newmont Mining Corp

Metals & Mining

United States

Nippon Yusen KK

Transportation and Transportation Infrastructure

Japan

102

Nissan Motor Co Ltd

Automobiles

Japan

Nokia OYJ

Computers & Peripherals and Office Electronics

Finland

Nomura Holdings Inc

Diversified Financial Services and Capital Markets

Japan

Norsk Hydro ASA

Aluminum

Norway

Northern Trust Corp

Diversified Financial Services and Capital Markets

United States

Novartis AG

Pharmaceuticals

Switzerland

Novo Nordisk A/S

Pharmaceuticals

Denmark

Novozymes A/S

Chemicals

Denmark

NTT Data Corp

IT Services & Internet Software and Services

Japan

Omron Corp

Electronic Equipment, Instruments & Components

Japan

Orange SA

Telecommunication Services

France

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

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RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

OSRAM Licht AG

Electrical Components & Equipment

Germany

Outokumpu OYJ

Steel

Finland

Outotec OYJ

Construction & Engineering

Finland

Owens Corning

Building Products

United States

Panasonic Corp

Leisure Equipment & Products and Consumer Electronics

Japan

Pearson PLC

Media

United Kingdom

PepsiCo Inc

Beverages

United States

Petroleo Brasileiro SA

Oil & Gas

Brazil

Peugeot SA

Automobiles

France

Pirelli & C. SpA

Auto Components

Italy

Portugal Telecom SGPS SA

Telecommunication Services

Portugal

POSCO

Steel

South Korea

PostNL NV

Transportation and Transportation Infrastructure

Netherlands

102

Praxair Inc

Chemicals

United States

Provident Financial PLC

Diversified Financial Services and Capital Markets

United Kingdom

PTT Exploration & Production PCL

Oil & Gas

Thailand

PTT Global Chemical PCL

Chemicals

Thailand

PTT PCL

Oil & Gas

Thailand

Puma SE

Textiles, Apparel & Luxury Goods

Germany

Quest Diagnostics Inc

Health Care Providers & Services

United States

Rackspace Hosting Inc

IT Services & Internet Software and Services

United States

Recall Holdings Ltd

Commercial Services & Supplies

Australia

Reckitt Benckiser Group PLC

Household Products

United Kingdom

Red Electrica Corp SA

Electric Utilities

Spain

Reed Elsevier PLC

Media

United Kingdom

Renault SA

Automobiles

France

Rentokil Initial PLC

Commercial Services & Supplies

United Kingdom

Repsol SA

Oil & Gas

Spain

Rexam PLC

Containers & Packaging

United Kingdom

Reynolds American Inc

Tobacco

United States

Ricoh Co Ltd

Computers & Peripherals and Office Electronics

Japan

Rio Tinto PLC

Metals & Mining

United Kingdom

Roche Holding AG

Pharmaceuticals

Switzerland

100

Royal Bank of Canada

Banks

Canada

Royal Bank of Scotland Group PLC

Banks

United Kingdom

Royal Dutch Shell PLC

Oil & Gas

Netherlands

Royal Mail PLC

Transportation and Transportation Infrastructure

United Kingdom

RWE AG

Multi and Water Utilities

Germany

Samsung C&T Corp

Trading Companies & Distributors

South Korea

RobecoSAM Gold Class

RobecoSAM Silver Class

112 • RobecoSAM • サステナビリティイヤーブック2015

RobecoSAM Bronze Class

102 85 101

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Samsung Electro-Mechanics Co Ltd

Electronic Equipment, Instruments & Components

South Korea

Samsung Electronics Co Ltd

Semiconductors & Semiconductor Equipment

South Korea

Samsung Engineering Co Ltd

Construction & Engineering

South Korea

Samsung Fire & Marine Insurance Co Ltd

Insurance

South Korea

Samsung Life Insurance Co Ltd

Insurance

South Korea

Samsung Securities Co Ltd

Diversified Financial Services and Capital Markets

South Korea

Sandvik AB

Machinery and Electrical Equipment

Sweden

Sanofi

Pharmaceuticals

France

SAP AG

Software

Germany

Schneider Electric SA

Electrical Components & Equipment

France

Sekisui Chemical Co Ltd

Homebuilding

Japan

Sempra Energy

Multi and Water Utilities

United States

Seven & I Holdings Co Ltd

Food & Staples Retailing

Japan

SGS SA

Professional Services

Switzerland

Shaftesbury PLC

Real Estate

United Kingdom

Shinhan Financial Group Co Ltd

Banks

South Korea

Siam Cement PCL

Construction Materials

Thailand

Siemens AG

Industrial Conglomerates

Germany

Sigma-Aldrich Corp

Chemicals

United States

SK C&C Co Ltd

IT Services & Internet Software and Services

South Korea

SK Hynix Inc

Semiconductors & Semiconductor Equipment

South Korea

SK Telecom Co Ltd

Telecommunication Services

South Korea

Skandinaviska Enskilda Banken AB

Banks

Sweden

SKF AB

Machinery and Electrical Equipment

Sweden

Smith & Nephew PLC

Health Care Equipment & Supplies

United Kingdom

Snam SpA

Gas Utilities

Italy

Societe Generale SA

Banks

France

Societe Television Francaise 1

Media

France

Sodexo

Restaurants & Leisure Facilities

France

S-Oil Corp

Oil & Gas

South Korea

Solvay SA

Chemicals

Belgium

Sompo Japan Nipponkoa Holdings Inc

Insurance

Japan

Sonoco Products Co

Containers & Packaging

United States

Sonova Holding AG

Health Care Equipment & Supplies

Switzerland

Sony Corp

Leisure Equipment & Products and Consumer Electronics

Japan

Spectra Energy Corp

Oil & Gas Storage & Transportation

United States

Sprint Corp

Telecommunication Services

United States

Standard Chartered PLC

Banks

United Kingdom

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

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RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

Standard Life PLC

Insurance

United Kingdom

Stanley Black & Decker Inc

Machinery and Electrical Equipment

United States

State Street Corp

Diversified Financial Services and Capital Markets

United States

Statoil ASA

Oil & Gas

Norway

STMicroelectronics NV

Semiconductors & Semiconductor Equipment

Italy

Stockland

Real Estate

Australia

Stora Enso OYJ

Paper & Forest Products

Finland

Storebrand ASA

Insurance

Norway

Suez Environnement Co

Multi and Water Utilities

France

Sumitomo Corp

Trading Companies & Distributors

Japan

101

Sumitomo Forestry Co Ltd

Homebuilding

Japan

Suncor Energy Inc

Oil & Gas

Canada

Svenska Cellulosa AB SCA

Household Products

Sweden

Swedbank AB

Banks

Sweden

Swiss Re AG

Insurance

Switzerland

Swisscom AG

Telecommunication Services

Switzerland

Symantec Corp

Software

United States

Tabcorp Holdings Ltd

Casinos & Gaming

Australia

Taiwan Semiconductor Manufacturing Co Ltd

Semiconductors & Semiconductor Equipment

Taiwan

Tata Consultancy Services Ltd

IT Services & Internet Software and Services

India

Tata Steel Ltd

Steel

India

Tech Mahindra Ltd

IT Services & Internet Software and Services

India

Technip SA

Energy Equipment & Services

France

Teck Resources Ltd

Metals & Mining

Canada

Teijin Ltd

Chemicals

Japan

Telecom Italia SpA

Telecommunication Services

Italy

Telefonica SA

Telecommunication Services

Spain

Telenet Group Holding NV

Media

Belgium

TELUS Corp

Telecommunication Services

Canada

Tenet Healthcare Corp

Health Care Providers & Services

United States

Teradata Corp

IT Services & Internet Software and Services

United States

Terna Rete Elettrica Nazionale SpA

Electric Utilities

Italy

Thai Oil PCL

Oil & Gas

Thailand

Thales SA

Aerospace & Defense

France

Tim Hortons Inc

Restaurants & Leisure Facilities

Canada

Tokio Marine Holdings Inc

Insurance

Japan

Tokyu Fudosan Holdings Corp

Real Estate

Japan

Toronto-Dominion Bank

Banks

Canada

Toshiba Corp

Industrial Conglomerates

Japan

Total SA

Oil & Gas

France

TOTO Ltd

Building Products

Japan

RobecoSAM Gold Class

RobecoSAM Silver Class

114 • RobecoSAM • サステナビリティイヤーブック2015

RobecoSAM Bronze Class

RobecoSAM Distinction

RobecoSAM Industry Leader

RobecoSAM Industry Mover Page

Company name

Industry

Country

TransCanada Corp

Oil & Gas Storage & Transportation

Canada

Transurban Group

Transportation and Transportation Infrastructure

Australia

102

TUI AG

Hotels, Resorts & Cruise Lines

Germany

UBS AG

Diversified Financial Services and Capital Markets

Switzerland

Unibail-Rodamco SE

Real Estate

France

UniCredit SpA

Banks

Italy

Unilever NV

Food Products

Netherlands

United Microelectronics Corp

Semiconductors & Semiconductor Equipment

Taiwan

United Parcel Service Inc

Transportation and Transportation Infrastructure

United States

United Utilities Group PLC

Multi and Water Utilities

United Kingdom

UnitedHealth Group Inc

Health Care Providers & Services

United States

UPM-Kymmene OYJ

Paper & Forest Products

Finland

Valmet Corp

Machinery and Electrical Equipment

Finland

Vinci SA

Construction & Engineering

France

Vodafone Group PLC

Telecommunication Services

United Kingdom

Volkswagen AG

Automobiles

Germany

Volvo AB

Machinery and Electrical Equipment

Sweden

Wartsila OYJ Abp

Machinery and Electrical Equipment

Finland

102

Waste Management Inc

Commercial Services & Supplies

United States

Wereldhave NV

Real Estate

Netherlands

Westpac Banking Corp

Banks

Australia

Weyerhaeuser Co

Real Estate

United States

Wipro Ltd

IT Services & Internet Software and Services

India

Wolters Kluwer NV

Media

Netherlands

Woodside Petroleum Ltd

Oil & Gas

Australia

Woolworths Holdings Ltd

Retailing

South Africa

Woolworths Ltd

Food & Staples Retailing

Australia

Woongjin Chemical Co Ltd

Textiles, Apparel & Luxury Goods

South Korea

WPP PLC

Media

United Kingdom

Wyndham Worldwide Corp

Hotels, Resorts & Cruise Lines

United States

Xerox Corp

IT Services & Internet Software and Services

United States

Xylem Inc

Machinery and Electrical Equipment

United States

Zurich Insurance Group AG

Insurance

Switzerland

RobecoSAM Gold Class

RobecoSAM Silver Class

RobecoSAM Bronze Class

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RobecoSAMについて RobecoSAM（RobecoSAM）は1995年に設立されたサステナビリティ投資に特化した投資のスペシャリストです。資産運用業務の他、各種インデックス、エンゲージメント（目的をもった対話）、議決権行使、影響分析、サステナビリティ評価、ベンチマーク作成サービスを提供しています。資産運用業務は資産保有者である機関投資家と金融機関を対象に、公開・未公開企業へのさまざまなESG（環境・社会・ガバナンス）統合投資を行っており、特に「資源の効率化」をテーマとする各種戦略で高い実績を誇ります。RobecoSAMは、S&Pダウ・ジョーンズ・インデックスとともに世界的に認められたダウジョーンズ・サステナビリティ・インデックス（DJSI）を発表しています。また、上場企業2,800社のESGの取り組みを分析するコーポレート・サステナビリティ評価を毎年実施し、それに基づいて財務上重要なサステナビリティ情報を集めた世界最大級の総合データベースを構築しています。 RobecoSAMは、世界的な専門資産運用会社であるRobecoの子会社です。Robecoは1929年の設立で、現在、オリックス株式会社の一員としてグループの資産運用業務の中核的存在となっています。RobecoSAMは、持続可能な投資慣行を推進する立場から国連責任投資原則（UNPRI）に署名している他、Eurosif、ASrIA（アジア持続可能責任投資協会）、Ceres（環境に責任をもつ経済のための連合）のメンバーとなっています。本社はチューリヒにあり、およそ 130人の専門家を擁しています。 RobecoSAMの学術活動 RobecoSAMは、学術機関とのリサーチパートナーシップを進める積極的なアプローチを採用しています。こうした共同調査の目的は、豊富な知見と発想力でサステナビリティファイナンス業界をリードするRobecoSAMの地位をさらに強化するとともに、独自のデータベースの価値を生かし、サステナビリティを投資プロセスに統合するための先端的な手法を開発することです。この枠組みでは、有力な学術機関との広範囲な協働とスポンサーシップを重視しています。 RobecoSAMは全てのリサーチ活動において、プロジェクトの設計、主管、監督で積極的な役割を果たしています。この1年、RobecoSAMは以下の学術機関と共同調査を実施しました。 • ハーバード・ビジネス・スクール、組織行動論ユニット（米国マサチューセッツ州ケンブリッジ） • ハーバード・ケネディスクール・オブ・ガバメント（米国）および Foundation Strategy Group（米国） • クイーンズランド大学（オーストラリア） • シエナ大学（イタリア） • ストラックライド大学（英国）また、RobecoSAMのリサーチアナリストの多くは学界や業界との交流や実務経験があるため、担当する産業の業界関連団体のメンバーとなっています。

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PwC Japanについて PwC Japanは、日本におけるPwCグローバルネットワークのメンバーファームおよびそれらの関連会社（あらた監査法人、京都監査法人、プライスウォーターハウスクーパース株式会社、税理士法人プライスウォーターハウスクーパース、PwC弁護士法人、プライスウォーターハウスクーパースサステナビリティ株式会社を含む）の総称です。各法人は独立した別法人として事業を行っています。複雑化・多様化する企業の経営課題に対し、PwC Japanでは、監査およびアシュアランス、アドバイザリー、税務、そして法務における卓越した専門性を結集し、それらを有機的に協働させる体制を整えています。また、公認会計士、税理士、弁護士、そのほか専門スタッフ約4,000人以上を擁するプロフェッショナルサービスネットワークとして、クライアントニーズにより的確に対応したサービスの提供に努めています。 PwCは、世界157カ国に及ぶグローバルネットワークに195,000 人以上のスタッフを有し、高品質な監査、税務、アドバイザリーサービスの提供を通じて、企業・団体や個人の価値創造を支援しています。詳細は www.pwc.com/jp/sustainability/ をご覧ください。

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DISCLAIMER Important Legal Information: No Offer: The information and opinions contained in this publication constitute neither a solicitation, nor a recommendation, nor an offer, nor an invitation to make an offer to buy or sell any securities or any options, futures or other derivatives related to such securities and are for information purposes only. The information described in this publication is not directed to persons in any jurisdiction where the provision of such information would run counter to local laws and regulation. No Warranty: This publication is derived from sources believed to be accurate and reliable, but neither its accuracy nor completeness is guaranteed. The material and information in this publication are provided “as is” and without warranties of any kind, either expressed or implied. RobecoSAM and its related and affiliated companies disclaim all warranties, expressed or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. Any opinions and views in this publication reflect the current judgment of the authors and may change without notice. It is each reader’s responsibility to evaluate the accuracy, completeness and usefulness of any opinions, advice, services or other information provided in this publication. Limitation of Liability: All information contained in this publication is distributed with the understanding that the authors, publishers and distributors are not rendering legal, accounting or other professional advice or opinions on specific facts or matters and accordingly assume no liability whatsoever in connection with its use. In no event shall RobecoSAM and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of any opinion or information expressly or implicitly contained in this publication. Copyright: Unless otherwise noted, text, images and layout of this publication are the exclusive property of RobecoSAM and/or its related, affiliated and subsidiary companies and may not be copied or distributed, in whole or in part, without the express written consent of RobecoSAM or its related and affiliated companies. Copyright © 2015 RobecoSAM – all rights reserved. US: RobecoSAM services are offered in the US by RobecoSAM USA, Inc. (“RobecoSAM US“) an Investment Adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. RobecoSAM is a subsidiary of Robeco Groep N.V. (“Robeco“), a Dutch investment management firm headquartered in Rotterdam, the Netherlands. In connection with providing investment advisory services to its clients, RobecoSAM US will utilize the services of certain personnel of RobecoSAM, and Robeco Investment Management, Inc. (“RIM“), each a subsidiary of Robeco. The securities identified and described do not represent all of the securities purchased, sold or recommended. It should not be assumed that an investment in these securities was or will be profitable.

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サステナビリティイヤーブック2015

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