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2019 | OriginalPaper | Chapter

6. ESG Ratings and the Stock Markets

Authors : Benoit Leleux, Jan van der Kaaij

Published in: Winning Sustainability Strategies

Publisher: Springer International Publishing

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Abstract

After introducing the primary components of a proper vectoring approach, namely a sound company purpose, a focus on a small set of relevant materialities synchronized to the Sustainable Development Goals, we endeavor to explore the connection between sustainability and the environmental, social and governance (ESG) ratings and how the latter are evaluated by stock markets. With the help of several company examples, this chapter first examines the increasing awareness of ESG factors within the investment community, then moves on to suggest an approach for designing a company-specific ESG ratings game plan. An overview of the most influential ESG ratings is also provided, including a summary of their background, methodology and typical usage.

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previous chapter Sustainable Development Goals
next chapter Investors’ Perspectives on Sustainability
Footnotes
1
Darwinians at the Gate is a play on words taken from the title of the IMD 2013 case on DSM (IMD-3-2355) of which an abridged version is included in this chapter. The phrase is referring to “Barbarians at the Gate: The Fall of RJR Nabisco,” which is a book about the leveraged buyout of RJR Nabisco by raiders, written by investigative journalists Bryan Burrough and John Helyar (1989).
 
2
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of ESG factors and to support its international network of investor signatories in incorporating these factors in their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, the financial markets and economies in which they operate and ultimately the environment and society.
 
3
BlackRock is a leading publicly traded investment management firm with $6.288 trillion of assets under management at December 31, 2017. With approximately 13,900 employees in more than 30 countries, BlackRock provides a broad range of investment, risk management and technology services to institutional and retail clients worldwide (Source: BlackRock website).
 
4
The Sustainable Development Goals (SDGs) are a collection of 17 global goals set by the United Nations to end poverty, protect the planet and ensure prosperity for all as part of the 2030 Agenda for Sustainable Development.
 
5
Within each industry, companies with a minimum total score of 60 and whose score is within 1% of the top-performing company’s score receive the RobecoSAM Gold Class Award.
 
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This case is an abridged and edited version of the eMBA case assignment by Claudio Mellace, Etienne Zeller and Laurent Gaye (IMD eMBA June 2018) conducted with CADMOS and its engagements funds under the supervision of Professor Benoit Leleux. Copyright © 2018 by IMD—International Institute for Management Development, Lausanne, Switzerland (www.​imd.​org). No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of IMD.
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Interviews with Melchior de Muralt, Managing Partner at De Pury Pictet Turretini & Cie S.A. (2018).
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This case is an abridged version of DARWINIANS AT THE GATE: SUSTAINABILITY, INNOVATION AND GROWTH AT DSM (IMD-3-2355). Copyright © 2018 by IMD—International Institute for Management Development, Lausanne, Switzerland (www.​imd.​org). No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of IMD.
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Metadata
Title
ESG Ratings and the Stock Markets
Authors
Benoit Leleux
Jan van der Kaaij
Copyright Year
2019
Publisher
Springer International Publishing
Book
Winning Sustainability Strategies

Print ISBN: 978-3-319-97444-6

Electronic ISBN: 978-3-319-97445-3

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-3-319-97445-3_6