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69-487: Compagnie Nationale à Portefeuille SA (CNP) is a Belgian non-listed holding company. Together with Groupe Bruxelles Lambert , CNP is one of the main pillars of Groupe Frère-Bourgeois (founded by Albert, Baron frère ) and can rely on a stable shareholders’ base: it is exclusively controlled by the Frère family. CNP directly holds stakes in a number of industrial companies, which at the end of 2014 included: In March 2011 CNP

138-553: A better understood process in order to establish standards between rating agencies, amongst industries, and across jurisdictions. This included companies like Workiva working from a technology tool standpoint; agencies like the Task Force on Climate-related Financial Disclosures (TCFD) developing common themes in certain industries; and governmental regulations like the EU's Sustainable Finance Disclosure Regulation (SFDR). During

207-603: A distance, accounted for 11% of these global sustainable fund assets by September 2023. It is to be noted that amid allegations of greenwashing and stricter regulations, there is a notable decrease in funds incorporating ESG-related terms into their names. An increasing number of funds in the United States are removing ESG-related terms from their names, a trend not observed in Europe. The University of Cambridge defines sustainable investments as it involves constructing

276-429: A higher overall ESG risk. The best ratings for these companies may be linked to their enhanced ESG compliances or because they allocate more resources to the preparation of their non-financial reports. For instance, Bristol-Myers Squibb , a large pharmaceutical company, maintains a high ESG rating even after being involved in recent controversies. In contrast, Phibro Animal Health , a small pharmaceutical company, receives

345-489: A lower score, despite its commitments and compliances with ESG criteria. SMEs may also find it challenging to implement the necessary measurement frameworks. ESG has been adopted throughout the United States financial industry to describe and measure the sustainability and societal influence of a company or business . MSCI , a global ESG rating agency , defines ESG investing as the consideration of environmental, social, and governance factors alongside financial factors in

414-473: A lower sensitivity to these topics. However, comparing ESG ratings from one geographical area to another is not an easy task, especially in a global market. Variations in company ratings, particularly between Europe (in the best position) and North America (in the worst), may reflect the quality of reporting rather than the intrinsic quality of ESG practices. Disclosure requirements vary considerably between regions, and some binding regulations in Europe, such as

483-457: A portfolio by selecting assets deemed to be sustainable or capable of enduring over the long term. It can also be seen as a resolute approach that excludes assets perceived as detrimental to long-term environmental and social sustainability. ESG standards have been developed in response to the growing worldwide demand for more sustainable and socially responsible investments. Since the development in 1960 of these standards has evolved gradually and

552-577: A question of philanthropy than practicality. There has been uncertainty and debate as to what to call the inclusion of intangible factors relating to the sustainability and ethical effectiveness of investments. Names have ranged from the early use of buzz words such as "green" and "eco", to the wide array of possible descriptions for the types of investment analysis—"responsible investment", "socially responsible investment" (SRI), "ethical", "extra-financial", "long horizon investment" (LHI), "enhanced business", "corporate health", "non-traditional", and others. But

621-612: A relationship between consideration for ESG issues and financial performance is becoming greater and the combination of fiduciary duty and a wide recognition of the necessity of the sustainability of investments in the long term has meant that environmental social and corporate governance concerns are now becoming increasingly important in the investment market. In addition, surveys of ultimate beneficiaries (on whose behalf savings and pensions are made) typically show high levels of support for considering social and environmental issues alongside long-run, risk-adjusted returns. ESG has become less

690-411: A result. Of the three areas of concern that ESG represented, the environmental and social had received most of the public and media attention, not least because of the growing fears concerning climate change . Moskowitz brought the spotlight onto the corporate governance aspect of responsible investment. His analysis concerned how the companies were managed, what the stockholder relationships were, and how

759-464: A series of myths and preconceptions surrounding their true effectiveness and relevance. These misperceptions, which are widespread in the financial world, have often obscured the reality of the effectiveness of sustainable value investing. Investors motivated by financial value, as well as those guided by ethical values, are now factoring ESG considerations into their decisions. This shift is not just an evolution of values-based listed stock selection, but

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828-422: A simplified or even erroneous view of the real effect of ESG investments. Excessive focus on the most engaged generations may mask progress or shortcomings elsewhere, underlining the need for a more balanced and nuanced assessment of the effect of ESG investments. The implementation of ESG practices differs across sectors. The sectors of the industry, information technology, consumer discretionary, and materials are

897-639: A smaller majority in North America (59%) attach importance to them. This year's ESG ranking podium is exclusively European "Nordic countries", with Finland in first place, followed by Sweden in second and Iceland in third. These regional disparities may change over time, although the underlying reasons for these differences are not fully understood. For example, in countries benefiting from developed markets and strict regulations, investors may assume that certain ESG issues are addressed by regulations, thus explaining

966-453: A survey conducted in 2021, around a third of Millennials often or only use investments that take ESG criteria into account, compared with 19% of Generation Z, 16% of Generation X and 2% of baby boomers . However, it is important to challenge this generalized view of ESG investing. While some groups are showing increased interest, it's essential to recognize the diversity of perspectives and priorities across generations. This bias can lead to

1035-710: Is a third-party asset manager that offers a range of investment strategies with a focus on long-term perspectives and environmental, social, and governance (ESG) considerations. As of June 2023, the assets under management totaled approximately EUR 30 billion. With the support of GBL and its extensive experience, Sienna Investment Managers aims to become a leading player in alternative third-party asset management across Europe. The firm specializes in various areas, including liquid assets , real estate , private credit , private equity , venture capital , and funds of funds . Environmental, social, and corporate governance Environmental, social, and governance ( ESG )

1104-474: Is a consideration in the governance of an organization. This includes pay equity for employees of all genders. Pay equity audits and the results of those audits may be required by various regulations and, in some cases, made available to the public for review. Hermann J. Stern differentiates four methods to include ESG performance in employee compensation: The growing integration of environmental, social, and governance criteria into investment decisions has spawned

1173-756: Is a legitimate barrier to the integration of environmental, social, and governance issues in investment practice and decision-making. This follows the publication in September 2015 of Fiduciary Duty in the 21st Century by the PRI, UNEP FI, UNEP Inquiry and UN Global Compact. The report concluded that "Failing to consider all long-term investment value drivers, including ESG issues, is a failure of fiduciary duty". It also acknowledged that despite significant progress, many investors have yet to fully integrate ESG issues into their investment decision-making processes. In 2021, several organizations were working to make ESG compliance

1242-600: Is controlled by Pargesa S.A., a Swiss entity which holds 29.13% of the outstanding shares and 44.23% of the voting rights. Pargesa S.A. itself is held jointly by the Power Corporation of Canada and Frère groups, providing GBL with a stable and solid shareholder base. Since 1990, the two groups have been bound by a shareholders' agreement. This agreement, which was extended in December 2012 until 2029, includes an extension possibility. The company now known as GBL

1311-522: Is not enough to open companies to opportunities for targeted groups. Studies find the more a company intentionally integrates work teams, the more open it becomes to a diverse workforce; the US military is a prime example of races and genders working well together. In 2006, the US Courts of Appeals ruled that there was a case to answer bringing the area of a company's social responsibilities squarely into

1380-408: Is shorthand for an investing principle that prioritizes environmental issues , social issues , and corporate governance . Investing with ESG considerations is sometimes referred to as responsible investing or, in more proactive cases, impact investing . The term ESG first came to prominence in a 2004 report titled "Who Cares Wins", which was a joint initiative of financial institutions at

1449-780: Is the result of a global recognition of the importance of sustainability and social responsibility, it is difficult to determine precisely which countries needed these standards first. However, certain countries or regions are particularly active in promoting ESG standards. For example, European countries such as the Scandinavian countries ( Denmark , Sweden , Norway ) and countries like the Netherlands are pioneers in integrating ESG criteria into investment and corporate governance policies. Similarly, these Nordic countries tend today to score relatively well in many international assessments of ESG criteria. Moreover, between 2007 and 2016,

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1518-595: The Bank Brussels Lambert (BBL). In August 1977, in turn, CBLFI was renamed Groupe Bruxelles Lambert. In 1976, CBLFI restructured and built up various participations in U.S. financial firms, including Lambert Brussels Witter (formerly the research boutique William D. Witter), to form Drexel Burnham Lambert , in which it was the largest shareholder with a 26 percent equity stake. In 1982, GBL sold much of its stake in BBL, reducing it from 47 to 10 percent. BBL

1587-650: The COVID-19 Pandemic , BlackRock , Fidelity , and Amundi among other asset management companies, placed pressure on pharmaceutical companies in which they had a large stake in to cooperate with each other. In 2023, Leonard Leo and associated networks launched a campaign to dismantle ESG, with special targeting on climate-friendly investment . Consumers' Research and Republican attorneys general announced investigations into The Vanguard Group . Vanguard distanced itself from ESG investing as its CEO states that it's not compatible with its fiduciary duties to

1656-519: The Law Commission (England and Wales) confirmed that there was no bar on pension trustees and others from taking account of ESG factors when making investment decisions. Where Friedman had provided academic support for the argument that the integration of ESG type factors into financial practice would reduce financial performance, numerous reports began to appear in the early years of the century that provided research that supported arguments to

1725-557: The United Nations Environment Programme Finance Initiative commissioned a report from the international law firm Freshfields Bruckhaus Deringer on the interpretation of the law with respect to investors and ESG issues. The Freshfields report concluded that not only was it permissible for investment companies to integrate ESG issues into investment analysis, but it was also arguably part of their fiduciary duty to do so. In 2014,

1794-419: The 1960s and 1970s, the economist Milton Friedman , in response to the prevailing mood of philanthropy , argued that social responsibility adversely affects a firm's financial performance and that regulation and interference from "big government" will always damage the macro economy. His contention that the valuation of a company or asset should be predicated almost exclusively on the financial bottom line (with

1863-400: The 2021 ESG assets market value was over $ 18.4 trillion worth of investments with a projected growth of 12.9% until 2026. ESG saw outflows for the first time in 2023. The EU has a leading position in the sustainable funds market with 84% of global assets in this sector. Additionally, it stands as the most advanced and diversified market for ESG investments. In comparison, the US, following at

1932-576: The 435 ESG shareholder proposals that were recorded by the non-profit organization As You Sow in 2021, 22 were classified as conservative by the organization. The National Center for Public Policy Research has asked 7 companies to prepare a report on the BRT Statement of the Purpose of a Corporation . Other conservative proposals include reports on charitable contributions and board nominee ideological diversity. Corporate governance refers to

2001-765: The Business ethics, anti-competitive practices, corruption, tax and providing accounting transparency for stakeholders. MSCI puts in the Governance side of the bucket corporate behavior practices and governance of board diversity, executive pay, ownership, and control, and accounting that the board of directors have to oversee on behalf of stakeholders. Other concerns include reporting and transparency , business ethics , board oversight, CEO / board chair split, shareholder right to nominate board candidates, stock buybacks , and dark money given to influence elections. The system of internal procedures and controls that makes up

2070-432: The average weight of the environmental pillar was 30%, social factors was 39%, and governance elements were 31% across all the sectors. Another bias that the ESG instrument can exhibit is that larger companies generally have higher ESG scores compared to small and medium-sized enterprises (SMEs). Sustainability reports have so far been self-declared and unaudited, resulting in companies often seeking to present themselves in

2139-457: The benefits of early action on climate change would outweigh its costs. The main framework used globally is the Taskforce on Climate-Related Financial Disclosures (TCFD). In every area of the debate from the depletion of resources to the future of industries dependent upon diminishing raw materials the question of the obsolescence of a company's product or service is becoming central to

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2208-422: The benefits. However, the assumptions were beginning to be fundamentally challenged. In 1998 two journalists, Robert Levering and Milton, brought out the "Fortune 100 Best Companies to Work For", initially a listing in the magazine Fortune , then a book compiling a list of the best-practicing companies in the United States with regard to corporate social responsibility and how their financial performance fared as

2277-410: The best possible light. Furthermore, several studies have demonstrated significant data omissions, inaccurate figures, and unfounded claims . The gap between the performance of large corporations and SMEs can have various explanations. According to studies, companies that provide more robust information tend to receive higher ESG scores, even if they have historically weak ESG practices or correspond to

2346-477: The business consultancy Sustainability, published Cannibals with Forks: the Triple Bottom Line of 21st Century Business , in which he identified the newly emerging cluster of non-financial considerations that should be included in the factors determining a company or equity's value. He coined the phrase the " triple bottom line ", referring to the financial, environmental, and social factors included in

2415-414: The concept of 'self-interest' in economics and introduced the concept of social capital into the measurement of value. There was a new form of pressure applied, acting in a coalition with environmental groups: using the leveraging power of collective investors to encourage companies and capital markets to incorporate environmental and social risks and opportunities into their decision-making. Although

2484-432: The concept of selective investment was not a new one, with the demand side of the investment market having a long history of those wishing to control the effects of their investments, what began to develop at the turn of the 21st century was a response from the supply-side of the equation. At the time, this field was typically referred to as ethical or socially responsible investment . The investment market began to pick up on

2553-573: The consumer has a right to a degree of protection, and the vast growth in damages litigation has meant that consumer protection is a central consideration for those seeking to limit a company's risk and those examining a company's credentials with an eye to investing. The collapse of the US subprime mortgage market initiated a growing movement against predatory lending has also become an important area of concern. Animal welfare concerns involve testing products or ingredients on animals, breeding for testing, exhibiting animals, or factory farms. Out of

2622-433: The contrary. In 2006 Oxford University 's Michael Barnett and New York University 's Robert Salomon published an influential study which concluded that the two sides of the argument might even be complementary—they propounded a relationship between social responsibility and financial performance. Both selective investment practices and non-selective ones could maximise the financial performance of an investment portfolio, and

2691-531: The costs incurred by social responsibility being deemed non-essential) was prevalent for most of the 20th century (see Friedman doctrine ). Towards the end of the 20th century, however, a contrary theory began to gain ground. In 1988 James S. Coleman wrote an article in the American Journal of Sociology titled "Social Capital in the Creation of Human Capital", the article challenged the dominance of

2760-462: The definition and assessment of social good . Investment decisions are predominantly based on the potential for financial returns for a given level of risk. However, there have always been many other criteria for deciding where to place money—from political considerations to heavenly reward . In the 1970s, the worldwide abhorrence of the apartheid regime in South Africa led to one of

2829-425: The early years of the new millennium, the major part of the investment market still accepted the historical assumption that ethically directed investments were by their nature likely to hinder financial returns. Philanthropy was not considered to aid profitable business, and Friedman had provided a widely accepted academic basis for the argument that the costs of behaving in an ethically responsible manner would outweigh

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2898-407: The employees were treated. He argued that improving corporate governance procedures did not damage financial performance; on the contrary, it maximized productivity, ensured corporate efficiency, and led to the sourcing and utilizing of superior management talents. In the early 2000s, the success of Moskowitz's list and its effect on companies' ease of recruitment and brand reputation began to challenge

2967-594: The financial arena. This area of concern is widening to include such considerations as the effect on local communities, the health and welfare of employees and a more thorough examination of a company's supply chain . One of the major frameworks used is the United Nations Guiding Principles on Business and Human Rights . Until fairly recently, caveat emptor ("buyer beware") was the governing principle of commerce and trading. In recent times however, there has been an increased assumption that

3036-593: The following companies (Ownership shares vary from 7%-55%): Private assets On September 30, 2023, GBL is a major shareholder in the following companies: GBL Capital (Alternative assets) Established in 2013, GBL Capital invests in funds managed by asset managers and direct private equity co-investments. On September 30, 2023, the NAV of this activity represents 16% of GBL's portfolio. Non-digital assets: Digital assets: Sienna Investment Managers (Third-party Asset Manager) Sienna Investment Managers

3105-508: The functioning and revenues of the company that are not exclusively affected by market mechanisms. As with all areas of ESG, the breadth of possible concerns is vast (e.g. greenhouse gas emissions , biodiversity , waste management , water management ) but some of the chief areas are listed below: The body of research providing data of global trends in climate change has led some investors— pension funds , holders of insurance reserves—to begin to screen investments in terms of their effect on

3174-538: The government to examine how many US companies were investing in South African businesses that were contravening the Sullivan Code. The conclusions of the reports led to mass disinvestment by the US from many South African companies. The resulting pressure applied to the South African regime by its business community added great weight to the growing impetus for the system of apartheid to be abandoned. In

3243-691: The growing need for products geared towards what was becoming known as the Responsible Investor. In 1981, Freer Spreckley, the creator of Social Enterprise, published SOCIAL AUDIT — A Management Tool for Co-operative Working, in which he first introduced the idea of a set of internal criteria that social enterprises and other organisations should use in their annual planning and accounting. These were financial viability, social wealth creation, organisational governance, and environmental responsibility, and they became known as social accounting and auditing. Later on, in 1998, John Elkington , co-founder of

3312-463: The historical assumptions regarding the financial effect of ESG factors. In 2011, Alex Edmans , a finance professor at Wharton , published a paper in the Journal of Financial Economics showing that the "100 Best Companies to Work For" outperformed their peers in terms of stock returns by 2–3% a year over 1984–2009, and delivered earnings that systematically exceeded analyst expectations. In 2005,

3381-494: The investment decision-making process. Likewise, S&P highlights consideration of the ways in which environmental, social, and governance risks and opportunities can have material effects on companies' performance. Both the threat of climate change and concern over climate change have grown, so investors are choosing to factor sustainability issues into their investment choices to enable better risk-adjusted returns. The issues often represent externalities, such as influences on

3450-574: The investors. Fewer than 1 in 7 of their active equity managers outperformed the broad market in any five-year period and none of them relied exclusively on a net-zero investment methodology. Responsible investing through ESG has been globally driven by the COP21 or the Paris agreement , and the UN 2030 sustainable development goals . ESG factors and ratings took an established place in the finance realm. Indeed,

3519-495: The invitation of the United Nations (UN). By 2023, the ESG movement had grown from a UN corporate social responsibility initiative into a global phenomenon representing more than US$ 30 trillion in assets under management. Criticisms of ESG vary depending on viewpoint and area of focus. These areas include data quality and a lack of standardization; evolving regulation and politics ; greenwashing ; and variety in

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3588-561: The management structure of a company is in the valuation of that company's equity. Attention has been focused in recent years on the balance of power between the CEO and the board of directors and specifically the differences between the European model and the US model—in the US studies have found that 80% of companies have a CEO who is also the chairman of the board, in the UK and the European model it

3657-590: The most renowned examples of selective disinvestment along ethical lines. As a response to a growing call for sanctions against the regime, the Reverend Leon Sullivan , a board member of General Motors in the United States, drew up a Code of Conduct in 1977 for practising business with South Africa. What became known as the Sullivan Principles (Sullivan Code) attracted a great deal of attention. Several reports were commissioned by

3726-723: The new calculation. At the same time, the strict division between the environmental sector and the financial sector began to break down. In the City of London in 2002, Chris Yates-Smith, a member of the international panel chosen to oversee the technical construction, accreditation, and distribution of the Organic Production Standard and founder of a branding consultancy, established one of the first environmental finance research groups. The informal group of financial leaders, city lawyers, and environmental stewardship NGOs became known as The Virtuous Circle , and its brief

3795-812: The number of traditional funds putting ESG criteria into perspective rose from 260 to over 1,000. Moreover, the number of investments incorporating ESG criteria is estimated to have doubled between 2019 and 2022. Another study also claims that funds with an ESG commitment doubled over these three years, from 3% to 5%. Finally, one last study shows that there is real growth in global sustainable investment assets between 2012 and 2020, with asset value growth from 13.6 trillion USD to 35.3 trillion USD. This growth in ESG-compliant funds is, of course, in line with investors' growing interest in sustainable investment. As far as stakeholders are concerned, it's important to note that not all generations and countries are affected in

3864-481: The only route likely to damage performance was a middle way of selective investment. Besides the large investment companies and banks taking an interest in matters ESG, an array of investment companies specifically dealing with responsible investment and ESG based portfolios began to spring up throughout the financial world. Many in the investment industry believe the development of ESG factors as considerations in investment analysis to be inevitable. The evidence toward

3933-603: The perceived factors of climate change. Fossil fuel -reliant industries are less attractive. In the UK, investment policies were particularly affected by the conclusions of the Stern Review in 2006, a report commissioned by the British government to provide an economic analysis of the issues associated with climate change. Its conclusions pointed towards the necessity of including considerations of climate change and environmental issues in all financial calculations and that

4002-466: The predominance of the term ESG has now become fairly widely accepted. A survey of 350 global investment professionals conducted by Axa Investment Managers and AQ Research in 2008 concluded the vast majority of professionals preferred the term ESG to describe such data. In January 2016, the PRI , UNEP FI and The Generation Foundation launched a three-year project to end the debate on whether fiduciary duty

4071-581: The publication of a "non-financial statement" for companies with more than 500 employees, may positively influence the region's ESG ratings. At the same time, European investors' greater interest in ESG investments is also contributing to this trend. New generations, such as Millennials and Generation Z , are showing a growing interest in ESG investing, aligning their values with their investment choices by favoring companies that have sustainable practices, respect human rights, promote diversity and are committed to positive actions for society. In fact, according to

4140-400: The representation of co-workers in the decision-making of companies, and the ability to participate in a union. Companies are now being asked to list the percentage levels of bonus payments and the levels of remuneration of the highest paid executives are coming under close scrutiny from stock holders and equity investors alike. Besides executive compensation, equitable pay of other employees

4209-595: The same way. Firstly, on a global scale, there are notable differences between regions in terms of companies' willingness and ability to address ESG issues in their investments. The results of various surveys seem to confirm these disparities, showing a more favorable trend in Europe, the Middle East, Africa ( EMEA ), and, Asia-Pacific, in contrast to North America. Indeed, a high proportion of respondents in Asia-Pacific (78%) and EMEA (74%) consider ESG issues, while

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4278-484: The sectors that have the biggest interest in the ESG practice (see figure 2). According to the sector, the weights attributed to the relative importance of environmental, social, and governance factors change. Over time, the weighting of categories is subject to change. For instance, according to Nagy et al. (2020), the governance factor recorded a significant growth in weight, rising from 19% in 2007 to 27% in 2019 and then to 31% in 2020. Overall, an MSCI study revealed that:

4347-475: The structures and processes that direct and control companies. Good governance is seen to ensure companies are more accountable, resilient and transparent to investors and gives them the tools to respond to stakeholder concerns. Corporate Governance in ESG includes issues from the Board of Director's view, Governance Lens watching over Corporate Behavior of the CEO, C-Suite, and employees at large includes measuring

4416-465: The value ascribed to that company. The long-term view is becoming prevalent amongst investors. There is a growing belief that the broader the pool of talent open to an employer the greater the chance of finding the optimum person for the job. Innovation and agility are seen as the great benefits of diversity, and there is an increasing awareness of what has come to be known as the power of difference. However, merely holding mandatory diversity training

4485-564: Was delisted, after a successful takeover bid from Groupe Frère-Bourgeois (70% economic ownership) and BNP Paribas (30%) for the 27.8% of CNP they did not already own. The CNP share was removed from the BEL 20 index on 2 May 2011. Groupe Frère-Bourgeois acquired BNP Paribas ’s stake in CNP at the end of 2013. As a result, CNP is now exclusively controlled by Groupe Frère-Bourgeois, alongside management and personnel. Groupe Bruxelles Lambert GBL

4554-752: Was eventually acquired by ING Group in 1998, becoming ING Belgium . In 1982-1983, financier Albert Frère displaced Léon Lambert as the main driving force of GBL; Since 2012, GBL divested more and more its stakes in Total and Engie . These two companies in the energy sector that constituted 41.5% of the value of GBL in 2011, only represented 4.2% of the portfolio on 31 March 2017. Simultaneously, GBL expanded into new business segments by acquiring stakes in SGS , Umicore , Adidas , Ontex , Burberry , Parques Reunidos .and Sienna Capital S.a R.l. Listed companies On September 30, 2023, GBL owns significant holdings of

4623-572: Was found that 90% of the largest companies split the roles of CEO and chairman. In the United States Moskowitz's list of the Fortune 100 Best Companies to Work For has become not only an important tool for employees but companies are beginning to compete keenly for a place on the list, as not only does it help to recruit the best workforce, it appears to have a noticeable effect on company values. Employee relations relate also to

4692-587: Was founded in 1972, when Léon Lambert 's two holding companies, Compagnie Lambert pour l'Industrie et la Finance (CLIF) and Cofinter, merged with Brufina and Cofinindus, two holding entities associated with the so-called Groupe de Launoit founded by Paul de Launoit  [ nl ] . The new company, called Compagnie Bruxelles Lambert pour la Finance et l'Industrie (CBLFI), held controlling stakes in two Belgian banks, Banque de Bruxelles and Banque Lambert , for which merger talks had been ongoing since 1969 and eventually came to fruition in 1975, creating

4761-602: Was to examine the nature of the correlation between environmental and social standards and financial performance. Several of the world's big banks and investment houses began to respond to the growing interest in the ESG investment market with the provision of sell-side services; among the first were the Brazilian bank Unibanco , and Mike Tyrell's Jupiter Fund in London, which used ESG based research to provide both HSBC and Citicorp with selective investment services in 2001. In

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