Archive of press releases by Ethibel & Stock at Stake


In the news:


Newsitems from 2002:


Newsitems from 2001:



Etica SGR creates the first Italian SRI Funds with the Ethibel Label.
24/02/03


On 18 Febrary 2002, the Italian investment management company Etica SGR launched the first Italian SRI funds, whose ethical quality is certified by the Ethibel Label for SRI Funds. There are two balanced SRI funds and one fund invests exclusively in government bonds screened by Ethibel. "We want to fill a gap in the Italian SRI market, introducing high standards in the evaluation of companies, but also in the responsibility of the fund management", says Luca Mattiazzi, Etica's director.

Etica SGR was created two years ago in order to satisfy a growing demand for financial products that invest in a socially responsible way. Its major shareholder is Banca Etica, the first and only Italian financial institution established in a social context and geared to the development of the social and non-profit economy. Like Banca Etica, Etica's provision will be focused only on SRI products. The company is planning to launch socially responsible closed-end and private pension funds in the years to come.

On 27 February Etica sgr presents its 'Fondi Valori Responsabili' during a press conference in Milan. For more information, go to www.eticasgr.it.

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Newsitems of 2002.
Newsitems of 2001.


Ethibel asks the European Commission to include provisions related to CSR in prospectus obligations.
12/02/03


Together with fifty signatories from all over Europe, Ethibel, which is known for its European label for socially responsible investments (SRI), has submitted a formal petition to the European Commission to include provisions related to corporate social responsibility (CSR) in its new directives on prospectus obligations. These provisions would oblige issuers who must publish a prospectus, to explain in this document to what extent they take non-financial risks into account.

The incentive for this initiative was the request of the 'Committee of European Securities Regulators' (CESR) to respond to the European proposal that will result in the so-called 'Prospective Directive' by the end of 2003. With this directive, which is aimed at imposing simpler and uniform prospectus obligations, the European Commission hopes to develop a more efficient, competitive and integrated financial market.

The fifty signatories are all organisations, businesses and professionals which are active in the field of SRI and CSR. They support the need for simplification but do not wish this to be at the expense of correct and complete information. In their view, companies should be obliged to communicate with investors and analysts about the relevant social, ecological and ethical risks and liabilities, and the way in which these are dealt with by management.

This recommendation responds to an increasing demand for greater transparency with regard to the non-financial risks of companies and the responsibility on the part of the managers. The American Sarbanes-Oxley Act (2002) considers managers to be responsible not only for financial, but also for other 'material' risks. The American stock exchange authority SEC is demanding supplementary declarations on this matter in the annual report. The British Turnbull Committee and the Association of British Insurers have also draw up an inventory of so-called 'corporate responsibility'. France is working on directives to include information on non-financial risks in the communication of companies with shareholders and investors.

According to senior consultant Herwig Peeters of Ethibel: "If Europe wishes to adopt a competitive position on the financial markets, it is not only a matter of reducing the administrative work for entreprises, but also of giving international investors as complete a picture as possible of what their investments represent, both financially and socially."

You can download the text of the amendment (MS Word document) and the list of signatories (MS Exel document).
For more information on this initiative, please contact senior consultant Herwig Peeters, tel (02) 206 11 14, email: herwig.peeters@ethibel.org.


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Newsitems of 2002.
Newsitems of 2001.


The Flemish Care Fund opts for sustainable investment in accordance with the Ethibel criteria.
29/11/02


The Flemish Care Fund is the reserve fund which the Government of Flanders is creating to cope with the increasing non-medical costs resulting from the ageing population. The fund currently contains almost 400 million euro. By the end of 2003, this will be approximately 430 million euro.

The Government of Flanders has now decided to invest this government money in a safe and sustainable way. In the first instance, the Care Fund will invest 90% in bonds and 10% in shares. It will exclusively use the Ethibel Investment Register, both for company bonds and for shares. The proportion in shares will be given the Ethibel Label.

Kurt Jacobs, Ethibel's Marketing and Sales Manager, indicated: "With this decision, the Flemish Care Fund is the first large institutional investor in Belgium to take the step to sustainable investment. This decision was reached, following lengthy discussions with various financial advisors. The hope is that this step could be an incentive for other institutional investors to adopt more social and ethical criteria for the selection of their investments."

To the extent that the Ethibel universe is expanding, the contributions for 2003 and 2004 can also be invested in accordance with the Ethibel criteria for sustainable investment.

For more information, please contact Marketing & Sales Manager Kurt Jacobs, email: kurt.jacobs@ethibel.org, tel ++32 (2) 206 67 95.

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Newsitems of 2002.
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Ethibel launches the "Ethibel Sustainability Index": a sustainable benchmark with a financial and a social return.
27/06/02


ESI Information Brochure
The Ethibel Sustainability Index (ESI) enables investors to see at a glance how a carefully screened group of companies that set the tone in terms of corporate social responsibility, is performing financially. With this service Ethibel answers a growing demand from institutional investors, fund and asset managers, who are anxious to combine a sound financial return with a positive impact on society.

For its technical support, Ethibel can count on the skills of the American index provider Standard & Poor's, an acknowledged financial analysis and information expert.

Investing with the ESI is synonymous with investing in corporate social responsibility.
The Ethibel research and assessment model forms the basis of this index. This model is a result of Ethibel's SRI research experience built up over several years. The ESI is the very first sustainability index to be designed according to fourth generation research principles. It relies on the same strict social and ethical quality standards that are applied to retail investment funds carrying the Ethibel quality label.

Of key importance in the Ethibel fourth generation methodology is the 'triple bottom line' or the 'People-Planet-Profit' approach. Companies are screened on all areas of corporate social responsibility: internal and external social policy, environmental policy and ethical economic policy. All of these items carry the same weight in the final assessment. Companies are assessed in relation to their sectoral or regional competitors.

Furthermore, the investigation is based on active communication with all the company's stakeholders, including the company itself. "We apply this policy to the letter", says Dirk Van Braeckel, Head of Research. "Any information we receive from a company is checked with independent parties, such as trade unions and environmental organisations. We prefer to interview them on the telephone in order to obtain reliable information as directly as possible".

A sustainable distribution.
"A sustainable index's distribution is quite unlike that of a standard market index", says Kurt Jacobs, Marketing & Sales Manager. "This is because some aspects of sustainability carry more weight in one industry than another. New economy businesses, such as IT companies, make much less of an environmental impact than heavy industry businesses who are often burdened by an environmentally shady past. A company's cultural context may also affect the way it expresses its social responsibility."

Ethibel primarily selects companies who lead the field in their sector and region in all areas of sustainability. However, it is the idea that in the near future the sector and regional allocation of the ESI will approximate more closely the sector weights of a reference index such as the S&P Global 1200. Therefore, Ethibel has been screening and selecting companies in "sustainably sensitive" sectors for many years now. Consequently, these companies are also encouraged to press on with their action to boost their environmental and social performances.

The "Ethibel Sustainability Index", a solid return.
According to calculations by Standard & Poor's the "Ethibel Sustainability Index" has performed quite well over the last four years. During this period the ESI Global return outperformed that of the S&P Global 1200, both in a buoyant and a depressed market.

Obviously, these retrospective figures hold no guarantee for the future performance of the Ethibel Sustainability Index. But the results so far are very encouraging. Moreover, Ethibel's investment universe is constantly being expanded to further improve the distribution of companies featured in the index across sectors and regions. This is a precondition for a wider and thus more balanced spreading of risks. Consequently, investors can count on a solid financial and socially responsible return.

For further details, please download the information brochure (500 kB) or contact Marketing & Sales Manager Kurt Jacobs, email: kurt.jacobs@ethibel.org.

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Newsitems of 2002.
Newsitems of 2001.


Stock at Stake and Centre Info now responsible for SiRi research and advice in France.
05/06/02


The SiRi Group (Sustainable Investment Research International) today (5th June) announces that profiles of French stocks within the SiRi Global 500 and the MSCI World Index will be researched by existing SiRi members, CentreInfo (based in Switzerland) and Stock at Stake (based in Brussels). Together, Centre Info and Stock at Stake have over 25 French-speaking SRI research staff. The same organisations will provide full support to French asset managers and institutional investors by offering customised services based on SiRi profiles of global corporations. Previously, French research was provided by Arese, which has left the SiRi Group by mutual agreement. Source: SiRi.

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Newsitems of 2002.
Newsitems of 2001.


2001 Annual Report of Ethibel & STOCK at STAKE: Ethibel became a 'group'.
03/06/02


The introduction to the 2001 annual report of the not-for-profit organisation Ethibel and its subsidiary, the limited company, Stock at Stake states: "Ethical investment is sustainable investment." Our short review of the ten years of Ethibel's existence shows that ethical investment has gained firm ground in the Belgian investment market.

Annual Report 2001
Download the complete report (1.3 MB).

Furthermore, the figures show that investors in sustainable funds trust the Ethibel quality label for sustainable investments. More than 60% of the sustainable funds on the Belgian market carry the Ethibel label and/or base their selection of shares on the Ethibel investment register. Of all the capital invested in mid-2001 in Belgian social and ethical funds, a volume of almost 1.25 billion EUR, 88% went to portfolios which made their selections in accordance with the Ethibel philosophy of sustainability. In other words, almost nine out of ten Belgians who opted for sustainable investment in 2001 chose for Ethibel.

Ethibel responded to an increasing interest in sustainable investment with a diversification and expansion of its activities. Ethibel became a "group" with the establishment of the autonomous limited company, Stock at Stake, which took over all Ethibel's research activities from January 2001.

For 2001 the Ethibel Group can reveal a number of important achievements:
* A significant increase in the investment register: e.g., with the addition of companies in the Pacific and by spreading the register across the most important sectors of industry.
* Continued improvements of its research methodology, e.g., improving the procedures for examining the involvement of companies in "practices which are the subject of social debate".
* The continued diversification of its products, with, in addition to the Ethibel label:
- a range of government bonds based on studies of countries;
- sectoral analyses, some of which are also available as separate publications (e.g., the sectoral analysis of the European car industry);;
- the products of international partners, such as the EPM of the British Eiris and the SiRi-500 databank.
* - A solid basis in the international world of sustainable investment, with membership of SiRi, an international coalition of the main screening bureaus for sustainable investments and of ASrIA, a new South-East Asian forum of which both Ethibel and Stock at Stake are founding members.

What about the future? It starts today. Our plans for 2002 are in full swing...

The development of strong European support for the Ethibel label for sustainable investments is an absolute priority.

At the same time we are tackling one of the greatest challenges for 2002-2003: to convince institutional investors of the social importance of a high quality standard with regard to establishing social and ethical criteria.

For more news on this subject, please come back to these pages.

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Newsitems of 2002.
Newsitems of 2001.


Ethibel starts close cooperation with leading Japanese SRI advisory agency.
21/05/02


Ethibel, together with its sister company Stock at Stake, has launched a close cooperation with Good Bankers, a leading Japanese SRI advisory agency. The cooperation includes joint research activities and the joint production of company profiles based on CSR criteria that answer the needs of potential clients in both Europe and the Asia-Pacific region. To realise this cooperation, several analyst exchanges are planned. This month Ethibel already welcomed a member of the Good Bankers research team in its offices in Brussels.

Stock at Stake has been screening Japanese companies for two years, both for the Ethibel investment register and for the SiRi Group, an international coalition of SRI research companies. Good Bankers Co. has already cooperated in these activities on an ad-hoc basis in the past. The objective of a closer cooperation is to capitalise on the valuable exchanges of the Ethibel Group with Good Bankers of the past two years. Stock at Stake believes that this cooperation will create an additional value to its best-of-class CSR selection and research, and facilitate marketing Asia-Pacific CSR company profiles in Europe and Asia.

Good Bankers Cois a pioneer in SRI screening in Japan. The company provides environmental screening to the first eco-funds in JapanThe company started social screening last year and aims to expand its research into other CSR areas, to cover a wide range of demands based on a growing concern for SRI and CSR in Japan. The interest of Japanese companies and investors to invest in foreign equities and bonds is also growing.

Ms. Mizue Tsukushi, the founding President of the Good Bankers, has a large contact network in government as well as the corporate and academic sectorShe is active in ASrIA, an Asian SRI forum established in Hong Kong, of which Ethibel and Stock at Stake are also founding members.

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MISTRA identifies Ethibel as "best practice".
15/01/02


The Swedish Foundation MISTRA selected Ethibel as exemple of 'best practice' in Europe for SRI research and services.

MISTRA is a Swedish Foundation for strategic environmental research of the highest international class and contributing to finding solutions to key environmental problems.
MISTRA disburses some SEK 250 million per year, financing 24 major research programmes, each of them running for 6 to 8 years. Those funds are raised by the return on capital of a portfolio of some 4,7 billion SEK, managed by MISTRA.

MISTRA strives to design the asset management to be consistent with MISTRA's mandate to contribute to sustainable development and has decided to initiate positive selection of equities with a start in the USA and Europe.

MISTRA engaged Miljoëko AB and SustainAbility (UK) to perform an assessment of existing SRI-products and services. The assessment was based on a survey of 142 SRI products from 77 fund managers and a total of 24 screening organisations. After the assessment 5 organisations are highlighted as the final best-practices examples. 3 of those are in-house research teams: 1 US team (Trillium Asset Management), 1 UK team (Henderson) and 1 Norway team (Storebrand Asset Management). Only 2 independent organisations have been selected: again 1 US team (Innovest) and finally Ethibel for Europe (and Cordius Asset Management, based on several years of experience and its cooperation with Ethibel).

The following key characteristics have been identified as being best-practice:
(1) Triple bottom line approach (sustainable development and the evaluation of social, environmental and economic performance)
(2) Focus on best-in-class and pioneers/innovators
(3) Evaluating sustainability opportunities and sustainability risks
(4) 'Intelligent' screening model (combination of qualitative and quantitative analysis)
(5) Qualified research team
(6) Openness/transparency.

The full report can be consulted at the MISTRA website or you can download Screening of Screening Companies here as pdf-file.

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Newsitems of 2002.
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"Freedom & Solidarity": an investment fund to promote human rights.
10/12/01


On 10th December, the French Postal Service, mutual insurer MACIF and the 'Caisse des Dépôts et Consignations' launched a new ethical and solidarity-based investment fund that will support the International Federation of Human Rights' Leagues (IFHR). It is available to the general public at every post office in France.

The three institutions have raised approximately 9 million EUR to start up the fund. The fund will invest 80% in bonds and 20% in equities of European, American or Pacific-based companies. These companies must meet a series of criteria laid down by the FIDH. STOCK at STAKE has been charged with the social-ethical screening and evaluation of the companies selected for this fund.

Sogeposte, the fund manager, has been instructed to invest in states with a positive record when it comes to the respect of human rights (*), as well as in socially responsible companies. Some of these companies have drawn up a specific policy and control system to safeguard the respect of human rights.

The selection criteria are quite strict. The first filter consists of a series of exclusion criteria. These include: being involved in arms production and trading, developing commercial interests in Burma or being involved in activities which have, in a direct or indirect way, a negative impact on the human rights of local populations. A second set of selection criteria refers to the general strategy of companies for the respect of social and human rights, both inside and outside the company, in the industrialised world as well as in developing countries.

Half of the profits of "Freedoms & Solidarity" will be paid each year to the International Federation of Human Rights' Leagues (IFHR) while the rest is left to accumulate for the investor's benefit.

(*) Denmark, Sweden, Norway, Iceland, Finland, Belgium, the Netherlands, Germany, France, Switzerland.

Further information:

IFHR: tel. + 33 (0)1 43 55 25 18, email: ggrilhot@fidh.org, website: www.fidh.org.
STOCK AT STAKE: tel. + 32 (0)2 206 67 91, email: christian.rousseau@stockatstake.com, website: www.stockatstake.com.


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'Benchmarking Sustainability in the European Car Industry 2001-2002', a comparative study of sustainability of the seven largest European car manufacturers.
29/11/01

Car Industry

BMW, DaimlerChrysler, Fiat, Porsche, PSA Peugeot-Citroën, Renault and Volkswagen examined by STOCK at STAKE and evaluated by Ethibel in terms of their corporate social responsibility.

The study, 'Benchmarking Sustainability in the European Car Industry 2001-2002' provides an original combination of analysis and evaluation and is a step forward in the screening, assessment and reporting of sustainable and socially responsible enterprise at the sectoral level, on the basis of a comparison of the seven largest manufacturers in the European car industry.

The concept is unique in several respects:

- For the first time, a single study has been carried out, publishing comparative research which examines the impact of each of the seven manufacturers in all the fields of sustainable enterprise. The study covers both the internal social policy and the environmental policy, the external social policy and the ethical aspects of the economic policy. For each company the study contains a detailed report based on information from the company, supplemented with independent source material and a strong input from the various stakeholders, including trade unions and environmental organisations.

- For companies who wish to move towards a more sustainable enterprise themselves, the study also contains a detailed description of the various aspects of sustainable enterprise. In this way the book can serve as a framework for their own actions.

- Because of this unique approach, this sectoral study not only serves as a full risk & opportunity analysis as the basis for sustainable investing, but also holds the keys for the continued development of sustainable enterprise. In this way, this study is a step forward in the analysis, assessment and reporting of sustainable and socially responsible enterprise.

- 'Benchmarking Sustainability in the European Car Industry 2001-2002' is extremely useful for anyone involved in sustainable enterprise, both inside and outside the car industry, the financial institutions, governments, professional associations, trade unions, consumer organisations and other NGOs.

The study is now for sale at 1250 Euro (for profit-making organisations) and 6000 Euro (for non-profit-making organisations).

For further information, you can mail image or telephone Ethibel at (02) 206 11 11.
Or you can download the flyer as pdf-file (1300 kb).

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Ethibel on the Conference "Corporate Social Responsibility (CSR) on the European social policy agenda", Brussels, 27-28 November 2001.


On the initiative of the Belgian Presidency of the European Union, more than 800 people gathered in Brussels to debate about SRI and CSR.

Ethibel was honoured to be quoted in the opening speech (in Dutch) by the Belgian Minister for Social Economy and Social Integration Johan Vande Lanotte who called for a high quality SRI index.

Furthermore, during the dinner speech (in English), a member of his staff referred to the Ethibel-label as a standard for high quality SRI criteria.

For the full report of this conference you can consult the website at www.socialresponsibility.be.

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Newsitems of 2002.
Newsitems of 2001.


Ethibel selects four new Belgian businesses with strong sustainable entrepreneurship records: BarcoNet, Recticel, Van de Velde and Ubizen are added to the socially responsible investment register.
28/06/01


Ethibel's investment register: a basis for good-quality "sustainable" investments.
As far as Ethibel is concerned, ethical investments are synonymous with investing in companies who take their social responsibilities seriously. A good quality "ethical" investment is therefore a "sustainable" investment, an investment in companies that consistently strive to promote sustainable entrepreneurship in all areas of their operations. The Ethibel quality label for sustainable investment funds offers a guarantee that these funds are invested solely in businesses whose sustainable entrepreneurship has been carefully screened by Ethibel in the light of various policy areas (internal, external, environmental, economic, for example). Only companies that manage to achieve a good score in all these areas, in comparison with their sector partners, may be included in the investment register.

The outcome is an investment universe of 200 or so companies from all industrial sectors and the world's main industrial regions (Europe, North America, Pacific). The investment register is constantly changing. Ethibel continues to look for companies showing a strong sustainability track record. This also applies to so-called "difficult" sectors and regions. In its effort to achieve a balanced distribution, Ethibel has primarily sought in recent years to focus on the search for companies in the Pacific region. However, the search for local companies continues to be a key theme.

BarcoNet, Recticel, Van de Velde and Ubizen
On the basis of a detailed investigation (with the focus being on active communication with stakeholders, the company's "social shareholders") and subsequent to a positive advice from the independent experts in the Register Committee, Ethibel's Board of Directors decided to add a further four Belgian companies to the register to bring the number of Belgian businesses featured there to a total of 17. The company databank on this website offers you an overview of all Belgian companies and an abstract of the detailed investigation reports. These short profiles give an idea of the strengths of these companies in all areas of sustainable entrepreneurship. From these on line documents we quote:

Specialising in broadband networks and broadcasting equipment, BarcoNet invests heavily in training and education. The strong social policy is significant for its open and objective evaluation of employee performance. BarcoNet boasts highly transparent operational procedures and applies stringent quality controls.

Recticel, Europe's largest producer of polyurethane foam, mattresses and slatted bed bases, has a well formalised and structured social policy, and scores very well for its internal and external systems of communication. The company is well reputed for its efforts to innovate in the context of a time-honoured industry. Recticel is aware of the environmental impact of its main product, polyurethane, but has done its utmost to limit the environmental impact by seeking alternative manufacturing procedures and developing recycling techniques.

A specialist in e-security activities Ubizen promotes an open-minded, democratic business culture. The staff turnover is low. The business pays great heed to internal auditing procedures and its economic policy reflects a long-term approach rather than relying on short-term money-spinning projects.

The textile manufacturer Van de Velde, is a Belgian market leader in luxury ladies' underwear and seeks to maintain jobs in the home country as much as possible. However, it insists that plant and subcontractors in low-wage countries should observer a strong social policy. At the Belgian sites, an open-minded business culture is deployed to provide incentives for co-operation amongst employees at different levels.

From now on these four companies will be featured in the investment portfolios of funds carrying the Ethibel label for sustainable investment funds and being carefully monitored by Ethibel.

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Newsitems of 2002.
Newsitems of 2001.


The King Baudouin Foundation contracts Ethibel for the assesment of potential partner companies.
21/05/01

The King Baudouin Foundation wishes to bring together various actors from society, promote mutual dialogue between them and create new dynamics and concrete actions. It sees business as one of those core social players and as an important motor within society. The Foundation will stimulate all forms of dialogue conducted out of well-understood self-interest by business with its stakeholders, aimed at clarifying mutual rights and obligations and heightening social awareness of them. It will encourage business to generate social as well as financial surpluses; it also wishes to stimulate generosity on the part of the business world.

From this positive view of corporate enterprise, the Foundation will research the appropriateness of each partnership with great care and as objectively as possible. It wishes to act transparently at all times by providing full public information on its reasons for cooperating with a business eager to be of service to the community. Special attention will be given to assessing whether there is a complete compatibility of the reputation and nature of the partner company's activities with the subject and aims of the corporate fund or project in question.

The Foundation will contract an external, independent consultant specialised in such matters, namely Ethibel, to provide the necessary assessment data, thus avoiding that one and the same party conduct both the assessment and investigation, on the one hand, and the evaluation and decision-making procedure, on the other.

Ethibel, or the company STOCK AT STAKE operating alongside Ethibel, will provide the Foundation with reports providing an overview of the values, codes of conduct and business strategies in four main areas: business ethics, internal social policy, environmental policy, human rights and external social policy. The decision whether or not a collaboration with a certain company is appropriate, remains entrirely the right and the repsonsibility of the King Baudouin Foundation.

The Foundation's policy paper on partnerships with corporations is a public document and can be ontained at the King Baudouin Foundation, Rue Brąderode 21, B-Brussels, Tel.: +32(0)2/511.18.40, Fax: +32(0)2/511.52.21, email: infonet@kbs-frb.be.

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Vandenbroucke stimulates socially responsible investing.
14/02/01

In the near future pension fund managers will have to stipulate in their annual reports whether or not they take ethical, social and/or environmental criteria into account for the selection of their investments. These annual reports are public documents. Any participants in these funds, including employers, trade unions or individual employees, are entitled to have a copy of it and check the contents.
The Belgian Minister for Social Affairs and Pensions Frank Vandenbroucke hopes that this intervention will further stimulate socially responsible investing and sustainable entrepreneurship in Belgium. Pension Funds make up an increasingly important part of the institutional investors in Belgium. If they are morally driven by their investors and/or members of the board to actively seek companies which are screend on both financial and social-ethical criteria, this could canalyse a process of more active dialogue between companies and investors, which would subsequently result in a more sustainable entrepreneurship.

For more information on this topic (in Dutch or French), go to de Minister’s website.

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Newsitems of 2002.
Newsitems of 2001.

Do you plan your own publication on SRI or have you just completed a study on sustainable entrepreneurship? Have we missed something out? Please let us know. We will gladly look into your message and possibly add it to this list.

 

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