Resultados y discusión

Sustainability Investing has been SAM’s exclusive focus since the firm’s founding in 1995. As a specialized investment boutique with an explicit focus on incorporating sustainability considerations into its investment strategies, SAM’s mission is to translate sustainability foresight into outstanding investment results.

Given our ambition to set the standard for Sus- tainability Investing, SAM has been a signatory of the UN Principles for Responsible Investment

(UN PRI) since 2007. Such an initiative is aligned with SAM’s vision and serves as an excellent plat- form bringing together key players in the financial industry – asset owners and investment managers alike – enabling them to take concrete action to further align their business and investment decisions with stated long-term performance objectives.

As a signatory of the UN PRI, SAM strives to con- tinuously improve on its implementation of the six Principles.

THE UNITED NATIONS PRINCIPLES FOR RESPONSIBLE INVESTMENT

1. We will incorporate ESG (environmental, social, governance) issues into investment analysis and decision-making processes.

2. We will be active owners and incorporate ESG issues into our ownership policies and practices.

3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.

4. We will promote acceptance and implementation of the Principles within the investment industry.

5. We will work together to enhance our effectiveness in implementing the Principles.

6. We will each report on our activities and progress toward implementing the Principles

SAM considers the UN PRI annual Reporting and Assessment Survey to be a valuable learning tool helping signatories to measure their progress in im- plementing the six Principles.

SAM is pleased to see that its efforts over the last year have shown positive results. According to the

Individual Feedback Report on SAM’s response to the 2010 PRI Reporting and Assessment Survey, SAM has shown progress across most Principles.

We are particularly pleased with SAM’s progress on Principle 2 (Active Ownership & Engagement). Our move from the second quartile in 2009 to the top

The Sustainability Yearbook 2011

3. United Nations Principles for Responsible Investment and SAM’s Approach to Engagement

The Sustainability Yearbook 2011

3. United Nations Principles for Responsible Investment and SAM’s Approach to Engagement

quartile in 2010 reflects the increasing recognition of SAM’s annual Corporate Sustainability Assess- ment and the Dow Jones Sustainability Indexes as an important engagement platform. Encouraging change is never an easy task and can be particularly challenging in large and well-established corpora- tions. SAM’s strategy has been to act as a catalyst for change by leveraging market forces, namely the competitive pressure resulting from our peer benchmarking analysis and the incentive for companies to become more attractive to investors by demonstrating best practices in the way they manage sustainability-related issues.

SAM’s unique approach to engagement starts with a comprehensive annual Corporate Sustainability Assessment to measure companies’ sustainability performance. This serves as a platform for ongoing engagement that is structured, rigorous, and has a broad reach. The assessment provides SAM with a vehicle to communicate investors’ expectations to companies regarding sustainability issues we be- lieve could have an impact on financial perfor- mance. Each sustainability issue included in our

assessment represents an area where we seek to identify best practices and encourage companies to improve their performance. Each year, our ques- tionnaire reaches the 2,500 largest companies worldwide, with close to 700 companies actively participating in the assessment.

Our approach, based on the annual SAM Corporate Sustainability Assessment, opens a direct communi- cation channel with senior management and is an effective way to maintain an ongoing dialogue with change agents within companies. As a result, SAM’s research analysts have developed long- standing relationships with the participating com- panies over the years. This allows us to continu- ally refine the assessment process.

By enabling us to engage with sustainability leaders as well as companies that aspire to become sus- tainability leaders, the SAM Corporate Sustainabil- ity Assessment process sets high standards for all companies within each industry. In addition, it has an indirect impact on the laggards by putting com- petitive forces into play.

Each year, we communicate the results of our en- gagement efforts through the publication of The Sustainability Yearbook and through the an- nouncement of the components of the Dow Jones Sustainability Indexes. The Sustainability Yearbook is one of the world's most comprehensive annual publications on sustainability trends and corporate sustainability performance covering 58 industry sectors. Only the top 15% in each of the 58 SAM sectors qualify for inclusion in The Sustainability Yearbook. The best companies from each sector are named “SAM Sector Leaders”. Those firms from each sector that have shown the greatest relative

improvement in their sustainability performance are given the distinction of “SAM Sector Mover”.

As a leader in Sustainability Investing, SAM is com- mitted to promoting the integration of sustainabil- ity considerations into investment decisions across the financial industry and to sharing its experiences in implementing the six Principles with its industry peers. Therefore, SAM has made its full response to the 2010 PRI Reporting and Assessment Survey publicly available on the UN PRI website. To access SAM’s response to the PRI Survey, please access the link via: