| Norm-Based Exclusion: Evidence and Practice
ECOFACT is pleased to invite you to our round-table lunch on June 13, 2008, in Zurich on:
“Norm-Based Exclusion: Evidence and Practice”
Park Hyatt Hotel, Zurich, 12.00-13.30
Keynote Speaker: Kamil Zabielski, Council on Ethics of the
Norwegian Government Pension Fund
The purpose of this event is to present and discuss the benefits of norm-based exclusion, i.e. the process of identifying and excluding from investment universes companies that violate certain principles. The norms are typically based on international legal, ethical, social and environmental standards, as outlined in, for example, the United Nations' Global Compact.
We are pleased to welcome Mr. Kamil Zabielski from the Council on Ethics of the Norwegian Government Pension Fund (formerly known as the Norwegian Oil Fund) as our keynote speaker. The Council is responsible for the implementation of the Fund’s ethical guidelines and deals extensively with norm-based exclusion in the areas of human rights and the environment on a day-to-day basis.
We will also introduce a new and groundbreaking ETH study by Julian Kölbel, which shows that a company’s negative social, environmental and ethical performance appears to be predictive of its share price. Badly rated companies overperform short-term, but underperform long-term.
The event will conclude with the introduction to a tool specifically geared towards this approach, RepRisk.
As there are limited places at this event, please register your attendance with Charlotte Mansson at . For further information, please call Charlotte Mansson on 044 350 6060.
Agenda
| 12:00 |
Welcome and introduction |
| 12:10 |
Implementation of norm-based exclusion, as practiced by the Norwegian Government Pension Fund |
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• Brief outline of the Fund’s approach and overview of its ethical guidelines |
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• Implementation of the guidelines by the Council on Ethics, illustrated by selected cases |
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• Lessons learned and a look at the future |
| 12:40 |
The effect of bad news on share price: An ETH Study |
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• Set-up and rationale of the study |
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• Study results: Initial indications of the long-term underperformance of heavy violators |
| 12:50 |
Introducing RepRisk |
| 13:00 |
Lunch |
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Speakers
Kamil Zabielski is a senior executive officer at the Council on Ethics of the Norwegian Government Pension Fund – Global, Oslo, Norway.
The Council’s mandate is to assess whether companies should be excluded from the Government Pension Fund – Global on the grounds of acts or omissions that are in conflict with the ethical guidelines adopted by the Norwegian parliament. The Fund is the largest pension fund in Europe and one of the largest and fastest-growing in the world, with approximately USD 400 billion currently under management.
Julian Kölbel wrote a paper on the effect of negative reputation on the share price of constituents of the MSCI World index. His thesis was supervised by Prof. Dr. Didier Sornette and Dr. Ryan Woodard of the Department of Management, Technology and Economics – DMTEC, Chair of Entrepreneurial Risks ER, ETH Zurich.
Venue
Park Hyatt Hotel
Beethovenstrasse 21
8002 Zurich
Maps and directions
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