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Greeneye

Service Providers Framework 2020

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You are in Strategy and Governance » Policy on ESG beliefs

Policy on ESG beliefs

SG 01. Responsible investment policy

01.1. Describe how your organisation’s philosophy incorporates environmental, social and governance factors, and the link to your business offerings.

 

Greeneye’s mission is to stimulate Responsible Investment in the Israeli financial market, that is in its first stages of integrating this approach. This involves working with the different players in the market; financial institutions, government, and NGOs.

We believe that integrating social and environmental approaches in assessing firms is a risk management and opportunity driver, a performance indicator for good management, and part of the fiduciary duty of every professional financial manager.

We provide our clients with access to a global ESG database, created by our global partner Vigeo Eiris. This includes ESG ratings and opinions, screening of controversial activities, positive and sustainable activities, portfolio analysis tools and reports. We offer and manage these products through our local office in Jerusalem.  

In addition we provide full support to our clients in integrating ESG issues in their investment policies, strategies, and implementation process. Combining Global experience with local understanding.

01.2. Indicate whether you have policies that formalise the incorporation of your ESG beliefs in your business offerings.

01.3. Indicate the components/types of your internal policy and provide the URL and/or an attachment of the document/s if they are publicly available.

Policy components/types

Public availability

URL http://www.greeneye.co.il 
          Greeneye provides financial institutions with the tools to integrate their approaches to environmental, social and governance factors as they decide

Public availability

URL http://www.greeneye.co.il

01.4. Indicate how these are put into practice internally across the organisation.

01.5. Additional information [OPTIONAL]

SG 02. Norms used to develop policies

02.1. Indicate what frameworks and guidelines you have used to develop your organisation’s policies. Tick all that apply.

02.2. Additional information. [OPTIONAL]

SG 03. Policy offerings to clients

03.1. Indicate whether you offer standard, off the shelf, policies to clients as part of your product offerings, and/or whether you create tailored versions for individual clients.

Off the shelf
Tailored
Asset class-specific RI guidelines
Sector-specific RI guidelines
Screening/exclusions policy
Engagement policy
(Proxy) voting policy
RI guidelines set out within the Investment Policy Statement (IPS)
RI guidelines set out in a freestanding RI policy
Multi-year RI implementation project plan
Conflict of interest management policy
Stockbroker allocation policy
Securities lending policy
Other, please specify (1)
Other, please specify (2)
Other, please specify (3)
None of the above

please specify (1) - Off the shelf 

          Sovereign Sustainability Rating- through Vigeo-Eiris products offer

please specify (1) - Tailored 

          Sovereign Sustainability Rating- through Vigeo-Eiris products offer

please specify (2) - Off the shelf 

          Green Bond Second Party Opinion- through  Vigeo-Eiris products offer

please specify (2) - Tailored 

          Green Bond Second Party Opinion-  through  Vigeo-Eiris products offer

03.2. Provide a brief description of the key elements, any variations, or exceptions applying to these policies.

 

Products and services are tailored to a client’s interests. It is up to clients to define how they will integrate our services and which policies they wish to build on.

Greeneye offers its Israeli clients the ESG rating products of Vigeo-Eiris, which are structured around and/or derived from the Vigeo-Eiris methodological framework, utilising 38 precise sustainability criteria based on international standards. These 38 ESG challenges are segmented into 41 sector sub-frameworks that select and weight the most relevant objectives. More than 330 principles for action enable Vigeo-Eiris to question companies on their integration of social responsibility issues into managerial systems. Vigeo-Eiris assesses issuers on their overall ESG performance, and identifies their strengths and weaknesses. This screening activity enables investors to complement the managerial analysis with an assessment of issuers' involvement in a number of activities:

products and services contributing to sustainable development
13 controversial activities.

This research on ESG or on ethical drivers enables us to serve and answer any client's RI policies

In addition, Greeneye offers an ESG assessment of Israeli companies based on the methodology developed to meet the level of CSR reporting in the Israeli market. 

 

 

 

 

 

03.3. Additional information. [OPTIONAL]

SG 04. ESG/RI in business offerings

04.1. Briefly describe how you include ESG/RI factors as part of your business offerings.

Business area

Investment Consultancy

How you include ESG/RI factors

Greeneye advices its clients throughout the different stages throughout the Responsible Investment journey including:

Introducing Responsible Investment approach to the management and staff, and understanding the materiality of ESG issues.
Developing ESG policies, and strategies tailored for their different asset allocation, and integrating it into their working procedures.
Mapping and measuring their ESG performance of their current portfolios
Structuring ESG products based on Vigeo-Eiris Global database together with Greeneye local research.

Research and Data Provision

How you include ESG/RI factors

Greeneye offers it's Clients a decision-making tools that is designed by Vigeo-Eiris for all types of investors, covering all ethical and responsible investment approaches. Reliable, up-to-date, accessible and customisable research and data is needed to be able to identify risks related to ESG, to detect opportunities for future value creation and to be informed swiftly about controversies and litigations, including an analyst opinion and sectoral analysis. Vigeo Eiris  research includes Controversy Database and Convention Watch allowing investors to stay informed about allegations and litigation affecting companies in their portfolio; Climate risk assessments allowing implementing complementary approaches including divestment; allocation to low carbon economy; or moving investment to advanced energy transition issuers; The sustainable goods and services research provides an opportunity for investors to invest in sustainable activities and services, and contribute to sustainable growth.

 

04.2. Indicate the roles in your organisation, and indicate for each whether they have oversight and/or implementation responsibilities for ESG/RI within the organisation.

Roles present in your organisation
Oversight/accountability for ESG/RI
Implementation of ESG/RI
Board
Directors
Chief Executive Officer (CEO), Chief Financial Officer (CFO)
Chief Operating Officer (COO), Chief Information Officer (CIO)
Other chief-level staff
Other heads of department

Please specify 

          Head of research

Please specify 

          implementing ESG research
Dedicated ESG/RI staff
Other role, specify (1)
Other role, specify (2)
Other role, specify (3)
None of the above

04.3. Indicate how you ensure ESG/RI expertise for the roles where there are RI oversight/accountability or implementation responsibilities.

04.4. Indicate whether your organisation has any ESG/RI linked incentives for its employees.

04.5. Describe the ESG/RI linked incentives.

All Greeneye activites are related to ESG/RI implementation. The sucess of Greeneye is depended on ESG implemntation 

04.7. Additional information [OPTIONAL]

SG 05. Outsourcing of services

05.1. Indicate whether you outsource some of your services. Report percentage of services outsourced as percentage for that specific business area.

Business area

Percentage of service outsourced

05.2. For each business area, describe what components you outsource to other organisations.

 Through the partnership with Vigeo-Eiris, Greeneye offers its clients access to the global ESG database, and products. The full research is being done by Vigeo-Eiris team.  

05.3. For each business area, describe how you ensure the organisation implementing your outsourced services adheres to your beliefs and policies on ESG/RI.

Greeneye has full satisfaction of the way the Vigeo-Eiris research is conducted. Our staff have full access to the methodology, are being trained on it, and is being updated constantly with development and changes.   

SG 06. Providing training/education

06.1. Indicate whether you provide training/educational services on ESG/RI. Tick all that apply.

06.2. Describe the main components of your training/educational services on ESG/RI and any variations depending on the group you provide training/education to.

We lecture both to financial teams and the general public. To the financial team the lectures are mainly on RI strategies, the different factors and helping them understand the practical steps of integrating RI.  

06.3. Describe whether these training/educational services include any commercial elements. 

          Some of our training also relates our  services and products and are paid lectures, but many lectures and training are introducing Responsible Investment with no commercial elements.

06.4. Additional information. [OPTIONAL]

SG 07. Applying, advancing and promoting the PRI principles

07.1. Describe how your organisation applies, advances and promotes the PRI Principles.

Greeneye joined the PRI in 2006. It was the first member and remains the only Israeli member until today.

We have worked constantly to promote the PRI principles in Israel.

In the last 10 years we have organised many RI conferences, in which we included PRI representatives, as in 2009 when the PRI chair was a speaker.

We translated the PRI principles into Hebrew.

We have been working together with the government and with regulators to stimulate RI regulation.

We introduce our clients to the PRI principles and how to apply and implement them.

In every lecture about RI we mention the PRI, our affiliation to it, and the importance of joining the PRI.

07.2. Highlight whether there are any ways that your organisation would like to engage further with the PRI. [OPTIONAL]

We would be happy to join PRI consulting groups and working groups, such as the SDG working group or the

regulation working group.

Given our in-depth understanding and experience in promoting the Principles for Responsible Investment, we are always keen to speak at PRI events

and share our experience

SG 08. Actions taken to promote responsible investment

08.1. Indicate which of the following actions your organisation has taken to promote responsible investments during the reporting year, independently of collaborative initiatives.

08.2. Additional information. [OPTIONAL]

Greeneye is the first contact point for any issue related to Responsible Investment in Israel

We provide ESG training to clients throughout the year, and give pro bono support to NGOs and other environmental and social movements which are interested in knowing more about Responsible Investment.  We are always keen to provide support when asked. We are in close contact with national media and have received considerable media exposure, including front-page articles in the Israeli press

SG 09. Long term trends

09.1. Indicate which of the following long-term trends are addressed in your product outputs.

09.2. Explain how this long-term trend affects your product outputs.

The Vigeo- Eiris Equitics © methodological framework encompasses ESG themes associated with this challenge.

 

It includes research on Career Management and the promotion of employability; and assesses corporate commitments to enabling employees, in a transparent framework, to develop their careers and deepen their professional development. This is to ensure the future employability of employees, their adaptation to the changing work environment and their skills development, thereby facilitating labour mobility and anticipating job requirements.

Non-Discrimination analyses look at companies' strategies to prevent discrimination against persons on the basis of their age or familial responsibilities, as well as on the promotion of equality.

Each of our sector analytical frameworks includes an analysis of associated challenges for a given industry. For instance:

The Equitics© research on the Pharmaceuticals & Biotechnology sectors as well as our research on the Health Care Equipment and Services sectors examine how companies are supporting sustainable healthcare systems and the provision of access to medicines for a growing and ageing population.

The research on the Food sector examines how companies are supporting the provision of Access to Nutrition for a growing and ageing population.

The research on the Automobiles sector includes research on how companies make vehicles for persons with reduced mobility (due to age or disability).

Changing Demographics is considered a specific risk and a long- term trend that will impact companies' performance and management.

Depending on sectoral analysis, Changing Demographics is an issue incorporated into Vigeo- Eiris’ overall assessment of companies' management of sustainability issues. For example, the ESG themes associated with this challenge are:

 

09.2. Explain how this long-term trend affects your product outputs.

Climate Change is a growing concern for investors and has this specific trend led Vigeo Eiris to develop dedicated new products for the market, including:

 

indices focused on carbon (bespoke SRI indices set up with clients) and specific 'Carbon Footprint' assessments for all companies in our universe

 

portfolio analysis of carbon footprints and the physical impacts of climate change. This involves assessment of a company's approach to preventing, mitigating and adapting to the physical impacts of climate change. (Energy Transition: Assessment of companies' strategies to manage the risks and opportunities from the transition to a low-carbon economy)

 

screening services focused on issues like GMOs or fossil fuel involvement (screening of companies' fossil fuel reserves and assessment of potential emissions).

 

٠ Sustainable Goods and Services research is a positive screening service that assesses a company's involvement in products and services that have a positive impact on the climate and contribute to climate-related UN SDGs. The evaluation shows what percentage of a company's activities is contributing to sustainable development (for each company in a specific portfolio).

 

09.2. Explain how this long-term trend affects your product outputs.

As part of our Sustainable Goods and Services Research, Vigeo-Eiris identifies companies which develop solutions and products that have a positive impact on environmental challenges, including resource scarcity (detergents that require less water to work effectively, cleaning products that work at lower temperatures, packaging that requires less material input, etc.).

As part of our Equitics© research, within Vigeo-Eiris’ Environment domain, experts examine how companies manage their impact on the environment - by optimising and reducing water, energy consumption, and managing waste. Various indicators are collected that consider companies' exposure towards those risks (e.g. exposure to water scarcity depending on a company's asset location).

For relevant sectors Vigeo-Eiris also assesses the way companies develop eco-design strategies and reduce the impacts linked to the use or disposal of their products. For instance, in the Energy sector our analysis of companies examines their level of commitment to the development of renewable energies. In the Chemicals sector, we examine how companies are involved in the development of so-called 'green' or 'bio-based' chemicals. In the Food sector, Vigeo-Eiris’ analysis examines how companies are working towards goals like sustainable agriculture and food security.

In the Food - Beverage and Tobacco sectors, the analysis examines how companies are working to reduce the level of water used in upstream and downstream operations.

09.2. Explain how this long-term trend affects your product outputs.

Vigeo-Eiris considers a number of different technological developments:

 

(a) Data Privacy - this is addressed in multiple sectors through Vigeo-Eiris’ analysis of Fundamental Human Rights.

 

(b) Shift to Electric transport - this is addressed in Vigeo-Eiris’ Automobiles sector research.

 

(c) Hacking of corporate Information - this is currently available in Financial sectors and is currently being introduced into more sectors.

 

(d) GMOs - we systematically screen all companies for their involvement in GMOs through our Controversial Activity Screening service. Within Vigeo-Eiris’ Research, the way that industries manage social risks and concerns associated with the use of GMOs (Chemicals, Food and Beverage sectors) is analysed.

 

(e) Nano-Technologies is analysed across a number of Vigeo-Eiris sectors, including Chemicals, Pharma, Biotech, Food, Beverage, Tobacco, etc. They examine how companies manage risks related to the use of nanotechnologies for their products and also for the employees involved in manufacturing processes.

 

(f) Robotisation - in a number of industrial sectors including Automobiles and Aerospace, we examine the long-term trend towards the robotisation of manufacturing processes.

 

(g) Artificial Intelligence: depending on the sector, Vigeo-Eiris looks at how Artificial Intelligence has an impact on businesses (clients, employees, product offer, etc.)

 
          Sustainable Supply Chains

09.2. Explain how this long-term trend affects your product outputs.

 As part of Vigeo-Eiris Equitics© research, we analyse multiple dimensions of supply chain sustainability. Three dedicated criteria within Vigeo’Eiris’ generic methodology include Sustainable Contractual Relations with Suppliers, the Integration of Environmental Standards into Supply Chains, and the Integration of Labour Standards into Supply Chains.

Vigeo-Eiris is updating our methodology to better assess companies' responsible business conduct, based on new OECD sectorial guidelines, and is also strengthening our framework to better evaluate companies "Duty of Care" (for example, the French Duty of Care Law).

 
          Human Rights

09.2. Explain how this long-term trend affects your product outputs.

In Vigeo-Eiris Equitics© methodology on human rights issues is based on international standards and regulations, including the Universal Declaration of Human Rights of 1948, the International Covenant on Civil and Political Rights, and the International Covenant on Economic, Social and Cultural Rights of 1966, as well as on core ILO conventions, and more recent texts such as the UN Guiding Principles of Business and Human Rights endorsed by the UN Human Rights Council in June 2011.

Vigeo-Eiris’ research assesses:

the extent to which companies comply with their obligation to respect fundamental human rights in society as a whole (such as the right to equality and dignity; the right to life, liberty and security; the prevention of torture or other cruel, inhuman or degrading treatment or punishment; freedom of religion, opinion and expression; the right to privacy, and the rights of indigenous peoples); the extent to which companies respect trade union freedom and collective bargaining rights and promote collective bargaining rights; the extent to which companies prevent gender discrimination in the workplace and other discrimination regarding work conditions, vocational training, promotion, fees and other benefits; the extent to which companies respect and promote human rights in the supply chain, including fundamental human rights, workers' labour rights and conditions, as well as the abolition of forced labour and child labour in the supply chain. We also look at remedial actions.

SG 10. Interaction with asset owners

10.1. Indicate whether you interact with asset owner clients.

10.2. Indicate the typical frequency and type of interactions with your asset owner clients.

Type of interaction

Frequency

Frequency

Frequency

Frequency

Frequency

10.3. Additional information. [OPTIONAL]

Greeneye works closely with the different organisations in the financial Israeli market, including Asset owners, investor managers, private equities, banks, and the financial regulators.

SG 11. Aligning approach with investor goals

11.1. Describe how you typically align your organisation’s philosophy and approach to ESG/RI with your investor clients’ goals.

Greeneye’s mission is to promote responsible growth through our products and services, thereby empowering responsible investment and responsible management.

Being aligned to investor needs and fiduciary duty is part of our business model.

Greeneye is committed to categorising risks related to ESG, to identifying opportunities for risk management and  future value creation, and to informing clients on a timely basis about controversies and litigations. All of these require research and data that is reliable, up-to-date, accessible, and customisable. As a result, Greeneye provides research and services adapted to many types of investment.

11.2. Additional information. [OPTIONAL]

SG 12. ESG recommendations not aligned with investor goals

12.1. Describe what steps you take, if any, when your ESG recommendations are not in line with your investor clients’ goals.

Products and services are tailored to investor requirements.

Whilst investors define how they will integrate Vigeo-Eiris's and Greeneye's products and services and which policies they may wish to build on, Greeneye provides advice on these matters as requested and required by clients. Together  with Vigeo-Eiris, we can also offer bespoke solutions for clients who may be interested in research, criteria or advice beyond the scope of our default offerings.

12.2. Additional information. [OPTIONAL]

SG 13. Seeking feedback from clients

13.1. Indicate whether you seek feedback from clients on your RI/ESG services and product offerings

13.2. Describe how you use this feedback in your RI/ESG services and product offerings.

We maintain close contact with our clients and work alongside them during the process of implementing and integrating our services and products. We therefore receive constant feedback as to the satisfaction with and relevancy of our work.

We use our client feedback in developing new products and services and adjust the exciting ones.

 

  

SG 14. Managing conflicts of interest

14.1. Indicate whether your organisation has a policy for managing potential conflicts of interest.

14.2. Describe how you manage potential conflicts of interest.

We have an Independence policy and a Code of Conduct that deals with this issue. Our clients are financial institutions, and we are currently not working with rated companies.  We maintain a separation between the research team and sales team.

 

14.3. Describe how you ensure that company employees do not derive any personal gain from the use of information collected during your work process.

Greeneye’s employees must respect the applicable insider trading regulations.

14.4. Additional information. [OPTIONAL]

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